SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

                 Quarterly Report Under Section 13 or 15 (d) of
                         Securities Exchange Act of 1934

                        for Quarter ended April 30, 2003
                         Commission File Number 0-13301

                               RF INDUSTRIES, LTD.

             (Exact name of registrant as specified in its charter)

                                Nevada 88-0168936

          (State of Incorporation) (I.R.S. Employer Identification No.)

        7610 Miramar Road., Bldg. 6000, San Diego, California 92126-4202

               (Address of principal executive offices) (Zip Code)

                        (858) 549-6340 FAX (858) 549-6345

                (Issuer's telephone number, including area code)
        Securities registered pursuant to Section 12(b) of the Act: None.


Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Securities  Exchange Act of 1934 during the preceding
12 months (or for such shorter  period that the  registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days

                                    Yes X     No

State the number of shares outstanding of each of the issuer's classes of common
stock at the latest practicable date.

As of June 6, 2003, the registrant  had 2,643,087  shares of Common Stock,  $.01
par value, outstanding.

Transitional small business disclosure format

                                    Yes       No X







<PAGE>


Part I.   FINANCIAL INFORMATION

Item 1: Financial Statements
                                           RF INDUSTRIES, LTD. AND SUBSIDIARY
                                          CONDENSED CONSOLIDATED BALANCE SHEETS

                                                        April 30     October 31
                                                          2003          2002
                                                      -----------    -----------
                                                      (Unaudited)
  ASSETS
-----------
CURRENT ASSETS

Cash and cash equivalents ........................    $ 4,402,309    $ 3,939,299

Trade accounts receivable, net of allowance
for doubtful accounts of $99,022 and $84,806 .....      1,029,933      1,146,439

Notes receivable .................................         12,000         12,000

Inventories ......................................      3,923,622      4,143,617

Other current assets .............................        290,717        169,396

Deferred tax assets ..............................        162,600        162,600
                                                      -----------    -----------
     TOTAL CURRENT ASSETS ........................      9,821,181      9,573,351
                                                      -----------    -----------
       PROPERTY AND EQUIPMENT
Equipment and tooling ............................      1,119,993      1,082,813
Furniture and office equipment ...................        251,514        251,514
                                                      -----------    -----------
                                                        1,371,507      1,334,327
     Less accumulated depreciation ...............        980,637        899,504
                                                      -----------    -----------
     Total .......................................        390,870        434,823

Notes receivable from related parties ............         50,340         56,505
Note receivable from stockholder .................         70,000         70,000
Other assets .....................................         14,171         11,471
                                                      -----------    -----------
     TOTAL ASSETS                                     $10,346,562    $10,146,150
                                                      ===========    ===========



       See Notes to Condensed Consolidated Unaudited Financial Statements.



<PAGE>



Item 1:   Financial Statements (continued)

                                           RF INDUSTRIES, LTD. AND SUBSIDIARY
                                          CONDENSED CONSOLIDATED BALANCE SHEETS

                                                        April 30     October 31
                                                          2003          2002
                                                      -----------    -----------
                                                      (Unaudited)
LIABILITIES AND
STOCKHOLDERS' EQUITY
-----------------------
CURRENT LIABILITIES
Accounts payable ...............................   $    218,860    $     70,806

Notes payable ..................................              0          44,582

Accrued expenses ...............................        241,132         327,271
                                                   ------------    ------------
     Total current liabilities                          459,992         442,659

Deferred tax liabilities .......................        107,800         107,800
                                                   ------------    ------------
     TOTAL LIABILITIES .........................        567,792         550,459
                                                   ------------    ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock - authorized 10,000,000 shares
  of $.01 par value; 3,441,054 shares issued ...         34,410          34,410

Additional paid-in capital .....................      4,695,147       4,695,147

Retained earnings ..............................      5,136,899       4,923,060

Receivables from sales of stock ................         (1,715)         (1,715)

Treasury stock, at cost - 43,800 and
   31,700 shares ...............................        (85,971)        (55,211)
                                                   ------------    ------------
     TOTAL STOCKHOLDERS' EQUITY ................      9,778,770       9,595,691
                                                   ------------    ------------
      TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY                       $ 10,346,562    $ 10,146,150
                                                   ============    ============





       See Notes to Condensed Consolidated Unaudited Financial Statements.



<PAGE>



Item 1:   Financial Statements (continued)


                                             RF INDUSTRIES, LTD. AND SUBSIDIARY
                                            CONDENSED CONSOLIDATED STATEMENTS OF
                                                INCOME AND COMPREHENSIVE INCOME
<TABLE>
<CAPTION>
                                         Three Months Ended          Six Months Ended
                                              April 30                   April 30
                                       -----------------------   -----------------------
                                             (Unaudited)               (Unaudited)
                                          2003          2002        2003         2002
                                       ---------     ---------   ----------   ----------
<S>                                    <C>          <C>          <C>          <C>
Net sales ..........................   $2,166,024   $2,090,989   $4,492,900   $4,275,906

Cost of sales ......................    1,071,487      956,996    2,263,645    2,106,676
                                       ----------   ----------   ----------   ----------
     Gross profit ..................    1,094,537    1,133,993    2,229,255    2,169,230
                                       ----------   ----------   ----------   ----------
Operating expenses:
     Engineering ...................      187,718      142,192      386,298      306,227

     Selling and general ...........      772,384      735,628    1,496,223    1,505,611
                                       ----------   ----------   ----------   ----------
         Totals ....................      960,102      877,820    1,882,521    1,811,838
                                       ----------   ----------   ----------   ----------
Operating income ...................      134,435      256,173      346,734      357,392
                                       ----------   ----------   ----------   ----------
Other income:
     Commissions ...................            0            0            0        8,215
     Interest ......................        4,608       16,249       16,105       40,003
                                       ----------   ----------   ----------   ----------
         Totals ....................        4,608       16,249       16,105       48,218
                                       ----------   ----------   ----------   ----------
Income before provision
    for income tax .................      139,043      272,422      362,839      405,610

Provision for income tax ...........       60,000      111,000      149,000      162,000
                                        ----------   ----------   ----------   ----------
Net income .........................   $   79,043   $  161,422   $  213,839   $  243,610
                                        ==========   ==========   ==========   ==========
Basic earnings per share ...........   $     0.02   $     0.05   $     0.06   $     0.07
                                        ==========   ==========   ==========   ==========
Diluted earnings per share .........   $     0.02   $     0.04   $     0.06   $     0.06
                                        ==========   ==========   ==========   ==========
Basic weighted average
    shares outstanding .............    3,398,014    3,409,354    3,399,146    3,409,354
                                        ==========   ==========   ==========   ==========
Diluted weighted average
    shares outstanding .............    3,709,455    3,851,303    3,680,993    3,848,809
                                        ==========   ==========   ==========   ==========
COMPREHENSIVE INCOME:
Net income .........................   $   79,043   $  161,422   $  213,839   $  243,610

Unrealized gain on available-
for-sale securities, net of deferred
 tax ...............................            0        1,613            0        8,709
                                       ----------   ----------   ----------   ----------
     Total comprehensive income ....   $   79,043   $  163,035   $  213,839   $  252,319
                                        ==========   ==========   ==========   ==========
</TABLE>

       See Notes to Condensed Consolidated Unaudited Financial Statements.


<PAGE>


Item 1: Financial Statements   (continued)


                       RF INDUSTRIES, LTD. AND SUBSIDIARY
                             CONDENSED CONSOLIDATED
                            STATEMENTS OF CASH FLOWS

                                                      Six months ended April 30
                                                     ---------------------------
                                                             (Unaudited)
OPERATING ACTIVITIES                                      2003           2002
                                                        --------       --------
Net income .......................................   $   213,839    $   243,610
Adjustments to reconcile net income to
     net cash provided by operating activities:
     Provision for bad debts .....................        24,000         50,000
     Depreciation and amortization ...............        81,133         82,721
     Amortization of unearned compensation .......                       23,490

Changes in operating assets and liabilities:
     Trade accounts receivable ...................        92,506       (256,017)
      Inventories ................................       219,994        473,495
      Other assets ...............................      (124,021)         6,329
      Accounts payable ...........................       148,054         25,865
      Accrued expenses ...........................       (86,139)       (75,458)
                                                     -----------    -----------
      Net cash provided by operating activities ..       569,366        574,035
                                                     -----------    -----------
INVESTING ACTIVITIES
      Investment in available-for-sale securities                       (30,910)
      Capital expenditures .......................       (37,179)       (17,591)
      Repayments of related party notes ..........         6,165
                                                     -----------    -----------
      Net cash used in investing activities ......       (31,014)       (48,501)
                                                     -----------    -----------
FINANCING ACTIVITIES
      Payments on loans payable ..................       (44,582)       (47,500)
      Purchase of treasury stock .................       (30,760)
                                                     -----------    -----------
      Net cash used in  financing activities .....       (75,342)       (47,500)
                                                     -----------    -----------
Net increase in cash and cash equivalents                463,010        478,034

Cash and cash equivalents at the beginning of the
 period ..........................................     3,939,299        915,538
                                                     -----------    -----------
Cash and cash equivalents at the end of the period   $ 4,402,309    $ 1,393,572
                                                     ===========    ===========


       See Notes to Condensed Consolidated Unaudited Financial Statements.


<PAGE>


                       RF INDUSTRIES, LTD. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Unaudited interim 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-QSB.  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  (consisting  of  normal
     recurring accruals)  considered necessary for a fair presentation have been
     included. Operating results for the three and six month periods ended April
     30, 2003 are not necessarily indicative of the results that may be expected
     for the year ending October 31, 2003. 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-KSB for the year ended  October 31, 2002.

 Note 2 - Components of inventory
                                          April 30       October 31
                                            2003            2002
                                        ------------    ------------
                                          (Unaudited)

             Raw material and supplies   $  553,600      $  655,746
             Finished goods ..........    3,370,022       3,487,871
                                         ----------      ----------
             Totals .................   $3,923,622       $4,143,617
                                         ==========      ==========

Note 3 - Earnings per share:

     As  further  explained  in Note 1 of the  notes  to the  audited  financial
     statements  of the  Company,  included  in Form  10-KSB for the fiscal year
     ended  October 31, 2002,  basic  earnings per share is computed by dividing
     net earnings by the  weighted  average  number of common stock  outstanding
     during the period.  Diluted  earnings per share is computed by dividing net
     earnings by the weighted average number of shares of common stock 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.

     The  following  table  summarizes  the  computation  of basic  and  diluted
     weighted average shares:

<TABLE>
<CAPTION>
                                                    Three Months Ended       Six Months Ended
                                                        January 31               April 30

                                                    2003        2002        2003        2002
                                                  ---------   --------    --------    --------
<S>                                               <C>         <C>         <C>         <C>
Weighted average shares outstanding for
     basic net earnings per share .............   3,398,014   3,409,354   3,399,146   3,409,354

Add effects of potentially dilutive securities-
    assumed exercised of stock options ........     311,441     441,949     281,847     439,455
                                                  ---------   ---------   ---------   ---------
Weighted average shares for diluted net
    earnings per share ........................   3,709,455   3,851,303   3,680,993   3,848,809
                                                  =========   =========   =========   =========
</TABLE>

Note 4 - Segment Information

     The Company's  segments are described in Note 6 of the notes to the audited
     financial  statements of the Company included in Form 10-KSB for the fiscal
     year ended October 31, 2002.

     The Company had reported  segment  information in its previous  filings for
     the  operations  associated  with its  Connector,  Neulink  and  Bioconnect
     business units in the same format as reviewed by the Company's  management.
     The sales,  operating income and assets of the Bioconnect segment no longer
     meet the thresholds that require separate  disclosures and the product line
     of Bioconnect is comparable with the Connector business unit.  Accordingly,
     the Company  discontinued  reporting segment  information on the Bioconnect
     segment  separately and included this information in the Connector business
     unit in the second  quarter  for the year  ending  October  31,  2003.  The
     comparable  segment  information for the second quarter year ending October
     31, 2002 has been restated to conform with the 2003 presentation.

     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.

     Net sales and income (loss) before provision for income taxes for the three
     months ended April 30, 2003 and 2002 follows:

<TABLE>
<CAPTION>
                                                             Common/
                                Connector        Neulink     Corporate        Total
                               ------------   -----------   -----------    -----------
         2003
       -------
       <S>                     <C>            <C>            <C>          <C>
       Net sales ...........   $ 1,926,928   $   239,096                  $ 2,166,024

       Income (loss) before
        provision for income
        taxes ...............      212,629       (78,194)         4,608       139,043

       Depreciation and
          amortization .....        35,855         4,612                       40,467

       Total assets ........     9,556,926       789,636                   10,346,562

       Additions to property
          and equipment ....        31,245                                     31,245

         2002
       -------
       Net sales ............   $ 1,887,075   $   203,914                 $ 2,090,989

       Income (loss) before
         provision for income
           taxes ............       276,859       (20,686)   $    16,249      272,422

       Depreciation and
          amortization ......        35,494         6,042                      41,536

       Total assets .........     8,758,307     1,105,355                   9,863,662

       Additions to property
          and equipment .....        13,040                                    13,040

</TABLE>

Net sales and income (loss) before provision for income taxes for the six months
ended April 30, 2003 and 2002 follows:

<TABLE>
<CAPTION>
                                                            Common/
                                Connector        Neulink     Corporate        Total
                               ------------   -----------   -----------    -----------
        2003
      --------
      <S>                       <C>            <C>           <C>          <C>
      Net sales .............   $ 3,786,575   $   706,325                 $ 4,492,900

      Income (loss) before
       provision for income
          taxes .............       385,752       (39,018)        16,105      362,839

      Depreciation and
       amortization .........        71,954         9,179                      81,133

      Total assets ..........     9,556,926       789,636                  10,346,562

      Additions to property
        and equipment .......        37,179                                    37,179

        2002
      --------
      Net sales .............   $ 3,722,760   $   553,146                 $ 4,275,906

      Income (loss) before
       provision for income
          taxes .............       321,813        43,794        $40,003      405,610

      Depreciation and
       amortization .........        71,678        11,043                      82,721

      Total assets ..........     8,758,307     1,105,355                   9,863,662

      Additions to property
        and equipment .......        17,591                                    17,591
</TABLE>

Note 5- Stock Option Plan

A  description  of the  Company's  1990 and 2000  Stock  Option  Plans and other
information related to stock options are included in Note 8 in its Annual Report
on Form 10-KSB for the year ended October 31, 2002.

The Company  continues to measure  compensation  cost  related to stock  options
issued to employees using the intrinsic value method of accounting prescribed by
Accounting  Principles  Board  Opinion No. 25 ("APB 25"),  Accounting  For Stock
Issued to Employees.  The Company has adopted the disclosure-only  provisions of
Statement of Financial  Accounting  Principles No. 123 ("SFAS 123"),  Accounting
for Stock-Based  Compensation.  Accordingly,  no earned or unearned compensation
cost  was  recognized  in  the  accompanying  condensed  consolidated  financial
statements for the stock options  granted by the Company to its employees  since
all of those  options  have been  granted at  exercise  prices  that  equaled or
exceeded the market value at the date of grant.  The  Company's  historical  net
income and  earnings  per common share and pro forma net income and earnings per
share assuming  compensation cost had been determined based on the fair value at
the grant date for all awards by the Company  consistent  with the provisions of
SFAS 123 are set forth below:

<TABLE>
<CAPTION>
                                                  Three Months Ended             Six Months Ended
                                                       April 30                      April 30
                                                  2003           2002          2003           2002
                                                 ------         ------        ------         ------
<S>                                          <C>           <C>            <C>            <C>
Net income - as reported .................   $   79,043    $   161,422    $   213,839    $   243,610

Deduct total stock-based employee
     compensation expense determined
     under fair value-based method for
     all awards ..........................      (20,000)       (20,000)       (40,000)       (40,000)
                                              ---------      ---------     ----------     ----------
Net income - pro forma ...................    $  59,043     $  141,422     $  173,839     $  203,610
                                              =========      =========     ==========     ==========
Basic earnings per share - as reported ...    $    0.02     $     0.05     $     0.06     $     0.07

Basic earnings per share - pro forma .....    $    0.02     $     0.04     $     0.05     $     0.06

Diluted earnings per share - as reported..    $    0.02     $     0.04     $     0.06     $     0.06

Diluted earnings per share - pro forma ...    $    0.02     $     0.04     $     0.05     $     0.05

</TABLE>

Note 6 - Subsequent Events

On May 22, 2003, the Company announced the repurchase, for $3.00 per share, in a
single private transaction,  of a 752,167 share block of its common stock. These
shares represent 22% of the total shares  outstanding  immediately  prior to the
purchase  and  were  owned  by a  single,  unaffiliated  shareholder.  With  the
retirement  of these shares,  the total number of RFI common shares  outstanding
has been reduced to approximately 2,645,000 shares.

Item 6.   Exhibits and Reports on Form 8-K

               (a) Exhibits:

                  99.1     Certification of Chief Executive Officer
                           Pursuant to 18 U.S.C.  ss. 1350, as Adopted
                           Pursuant to Section 906 of the Sarbanes-
                           Oxley Act of 2002.

                  99.2     Certification of Chief Financial Officer
                           Pursuant to 18 U.S.C. ss. 1350, as Adopted
                           Pursuant to Section 906 of the Sarbanes-
                           Oxley Act of 2002.

               (b) Reports on Form 8-K

                  None.


Item 2: Management's  discussion and analysis of financial condition and results
          of operations

This report contains  forward-looking  statements.  These  statements  relate to
future events or the Company's future financial performance.  In some cases, you
can identify  forward-looking  statements by terminology  such as "may," "will,"
"should,"  "except," "plan,"  "anticipate,"  "believe,"  "estimate,"  "predict,"
"potential"  or  "continue,"  the  negative  of such  terms or other  comparable
terminology. These statements are only predictions. Actual events or results may
differ materially.

Although  the  Company   believes  that  the   expectations   reflected  in  the
forward-looking  statements are reasonable,  the Company cannot guarantee future
results, levels of activity, performance or achievements.  Moreover, neither the
Company,  nor any other  person,  assumes  responsibility  for the  accuracy and
completeness  of  the  forward-looking  statements.  The  Company  is  under  no
obligation to update any of the  forward-looking  statements after the filing of
this  Quarterly  Report on Form  10-QSB to  conform  such  statements  to actual
results or to changes in its expectations.

The  following  discussion  should  be read in  conjunction  with the  Company's
financial  statements  and the  related  notes and other  financial  information
appearing  elsewhere  in this Form  10-QSB.  Readers are also urged to carefully
review and consider the various disclosures made by the Company which attempt to
advise  interested  parties of the factors which affect the Company's  business,
including   without   limitation   the   disclosures   made  under  the  caption
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations,"  under  the  caption  "Risk  Factors,"  and the  audited  financial
statements  and related notes  included in the Company's  Annual Report filed on
Form 10-KSB for the year ended  October  31, 2002 and other  reports and filings
made with the Securities and Exchange Commission.

CRITICAL ACCOUNTING POLICIES

The  consolidated  financial  statements of RF  Industries  and  Subsidiary  are
prepared in conformity  with  accounting  principles  generally  accepted in the
United States of America ("GAAP"). The preparation of these financial statements
requires our  management to make estimates and  assumptions  about future events
that affect the amounts reported in the financial  statements and related notes.
Future events and their effects  cannot be determined  with absolute  certainty.
Therefore, the determination of estimates requires the exercise of judgment. The
Company  believes the following  critical  accounting  policies  affect its more
significant  judgments  and  estimates  used  in the  preparation  of  financial
statements.

REVENUE RECOGNITION

The Company recognizes revenue from the sale of products at the time of shipment
of the  product.  In  addition,  the  Company has a  strategic  alliance  with a
supplier  where  the  Company  recognizes  commission  income  when  payment  is
received.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

The Company  maintains an allowance  for doubtful  accounts  based on historical
collections of accounts receivable. The Company monitors its accounts receivable
balances  on  a  continual  basis.  If  the  financial  condition  of  customers
deteriorates, additional allowances may be required.

INCOME TAXES

The Company accounts for income taxes pursuant to the asset and liability method
which  requires  deferred  income tax assets and  liabilities to be computed for
temporary  differences  between the financial  statement and tax bases of assets
and  liabilities  that will result in taxable,  or deductible  amounts in future
periods  based on enacted laws and rates  applicable to the periods in which the
temporary   differences  are  expected  to  affect  taxable  income.   Valuation
allowances are  established  when necessary to reduce deferred tax assets to the
amount  expected to be realized.  The income tax provision is the tax payable or
refundable for the period plus or minus the change during the period in deferred
tax assets and liabilities.

INVENTORY VALUATION

Inventories are valued at the weighted average cost value.  Certain items in the
inventory  may be  considered  obsolete or excess and, as such,  the Company may
establish an allowance to reduce the carrying  value of these items to their net
realizable  value.  Based on estimates,  assumptions and judgments made from the
information  available at the time, the Company  determines the amounts of these
allowances.  If these estimates and related assumptions or the market change, we
may be required to record additional reserves.

LIQUIDITY AND CAPITAL RESOURCES

Management  believes  that  existing  current  assets  and the amount of cash it
anticipates it will generate from current  operations will be sufficient to fund
the anticipated liquidity and capital resource needs of the Company for at least
twelve  months.  The Company does not,  however,  currently  have any commercial
banking  arrangements  providing for loans, credit facilities or similar matters
should the Company need to obtain additional  capital.  Management believes that
its existing  assets and the cash expected to be generated from  operations will
be sufficient during the current fiscal year are based on the following:

o    As of April 30, 2003,  the amount of cash and cash equivalents was equal to
     $4,402,309 in the aggregate.

o    As of April 30, 2003,  the Company had $ 9,821,181 in current  assets,  and
     only $459,992 of current liabilities.

o    As of April 30, 2003,  the Company had no outstanding  indebtedness  (other
     than accounts payable and accrued expenses).

In May 2003,  the Company used  $2,265,500 of its cash to repurchase  and retire
752,167 of its then  outstanding  shares of common  stock.  Notwithstanding  the
foregoing  repurchase,  following  the  repurchase  the  Company  still had over
$2,000,000  of cash and  cash  equivalents,  working  capital  of  approximately
$7,000,000,  and a current  ratio of  approximately  16 to 1.  Accordingly,  the
Company does not believe it will need material  additional  capital equipment in
the next  twelve  months.  In the past,  the Company  has  financed  some of its
property and  equipment  requirements  through  capital  leases.  No  additional
capital  equipment  purchases have been currently  identified that would require
significant  additional  leasing or capital  obligations  during the next twelve
months.  Management also believes that based on the Company's  current financial
condition,  the absence of outstanding bank debt and recent  operating  results,
the  Company  would be able to obtain bank loans to finance  its  expansion,  if
necessary, although there can be no assurance any bank loan would be obtainable,
or if obtained, would be on favorable terms or conditions.

As of April 30,  2003,  the Company had a total of $ 4,402,309  of cash and cash
equivalents  compared to a total of $ 3,939,299 of cash and cash  equivalents on
October 31, 2002.  The increase in liquid assets is the result of (i) net income
earned by the Company during the six-month  period  following  October 31, 2002,
(ii) a decrease in the amount of  inventories  held by the Company  (the Company
sold some of its excess  inventory  that it did not need to replenish) and (iii)
additional collections of accounts receivable.

Net cash used in  investing  activities  was $ 31,014 for the six  months  ended
April 30, 2003, and was  attributable  to $ 37,179 in capital  expenditures  and
$6,165 representing repayments of notes.

Net cash used in  financing  activities  was $ 75,342 for the six  months  ended
April 30, 2003, and was attributable to $30,760 used to purchase  treasury stock
and payment on a loan incurred in connection with the purchase of Bioconnect for
$44,582 (last payment).

As a result of the foregoing factors, the Company generated net cash of $463,010
during the past six months.

Three Months 2003 vs. Three Months 2002

Net sales  increased  3.6%,  or $75,000,  to $2,166,000  from  $2,091,000 in the
second fiscal quarter last year, due to increased sales at the Company's Neulink
division.

Net sales at the RF  Connector  division,  which  now  includes  the  Bioconnect
product line,  increased 2.1%, to $1,927,000 compared to $1,887,000 for the same
quarter  last year,  due to an increase in sales of  Bioconnect  products in the
second quarter.

Net sales at the RF Neulink  division  increased by 17% to $239,000  compared to
$204,000  in the  second  quarter  last  year.  The  increase  in  sales  can be
attributed primarily to an increase in the number of RF9600 tranceivers sold.

Cost of sales increased 12% or $114,500, to $1,071,500 from $957,000 in the same
quarter last year. The increase is primarily due to increased freight,  duty and
sales in the second  quarter.  Overall gross margins,  as a percentage of sales,
decreased 3.7% compared to the second quarter of last year primarily  related to
the Neulink and Bioconnect product mix during the quarter.

Engineering expenses increased 32%, or $45,500, to $187,700 from $142,200 in the
second quarter last year.  Engineering  expenses increased primarily as a result
of the additional  expenses incurred to develop a new high-speed  wireless radio
modem, to upgrade and replace an existing product line.

Selling and general expenses increased 5% or $36,800,  to $772,400 from $735,600
in the same quarter last year.  Selling and general  expenses were higher in the
second  quarter  this  year  due  primarily  to  increased   marketing,   sales,
advertising, legal and accouting expenses.

Net interest income  decreased to $4,600 from $16,300 in the second quarter last
year due to lower interest rates and reduced investments in mutual funds.

Six Months 2003 vs. Six Months 2002

Net sales increased 5.1%, or $217,000, to $4,493,000 from $4,276,000 for the six
month period of 2002,  primarily due to increased sales at the Neulink Division.
Net sales at the RF  Connector  division,  which  now  includes  the  Bioconnect
product line,  increased 1.7%, to $3,786,600 compared to $3,722,800 for the same
six  months   last  year,   due  to  a  general   increase  in  the  demand  for
connectors,cable assemblies.

Net sales at the RF Neulink division  increased by 27.7% to $706,300 compared to
$553,000  in the  second  quarter  last  year.  The  increase  in  sales  can be
attributed to expanded sales of Neulink wireless tranceivers.

Cost of sales  increased 7.5% or $157,000,  to $2,264,000 from $2,107,000 in the
six month period last year.  The increase is primarily due to increased  freight
costs,  duty and sales year to date.  Overall gross margins,  as a percentage of
sales, decreased 1.1% compared to the last year primarily because of the Neulink
and Bioconnect product mix during the six months. Engineering expenses increased
26%,  or  $80,000,  to  $386,000  from  $306,000 in the first half of last year.
Engineering  expenses increased primarily as a result of the additional expenses
incurred by Neulink to develop a new high-speed wireless radio modem.

Selling and general  expenses  decreased  6.6% or $10,000,  to  $1,496,000  from
$1,506,000 in the same six months last year.  Selling and general  expenses were
higher in the six  month period  last year due  primarily  to additional catalog
expense.

Net  interest  income  decreased to $16,000 from $40,000 in the first six months
last year due to lower  interest  rates and reduced  investments in mutual funds
since July of 2002.

MATERIAL CHANGES IN FINANCIAL CONDITION:

Cash and cash equivalents  increased by $463,010 to $4,402,309 at April 30, 2003
compared to  $3,939,299  at October 31, 2002.  The increase is due  primarily to
lower  inventory  levels,  net income of $213,839  for the first two quarters of
2003, and the collection of accounts receivable.

Trade accounts  receivable  decreased 10%, or $116,500 to $1,030,000 compared to
the October 31, 2002 balance of  $1,146,500.  The  decrease is due  primarily to
timing  of  collections  and the  Company's  increased  efforts  to  reduce  its
outstanding accounts receivable.

Inventories decreased 5%, or $220,000, to $3,923,600,  compared to $4,143,600 on
October 31, 2002. As part of its business strategy, and because of its off-shore
manufacturing  arrangements,  the  Company  normally  maintains  a high level of
inventory.  For the past  year,  the  Company  has been  steadily  reducing  its
inventory levels, to a sufficient amount to meet customer demand. However, based
on the recent increases in customer demand, the Company does not believe that it
will further significantly reduce its inventory.

Other  current  assets,  including  prepaid  expenses  and  deposits,  increased
$121,300 to  $291,700,  from  $169,400 on October 31, 2002.  This  increase is a
seasonal factor  associated  with annual  invoices for prepaid cargo  insurance,
prepaid  property and  liability  insurance,  audit fees,  computer  maintenance
agreements and other miscellaneous expenses.

Subsequent Events

On May 22, 2003, the Company announced the repurchase, for $3.00 per share, in a
single private transaction,  of a 752,167 share block of its common stock. These
shares represent 22% of the total shares  outstanding  immediately  prior to the
purchase  and  were  owned  by a  single,  unaffiliated  shareholder.  With  the
retirement  of these shares,  the total number of RFI common shares  outstanding
has been reduced to approximately 2,645,000 shares. Consequently,  the Company's
cash position was reduced by $2,256,501.

Item 3. Controls and Procedures.

     Within 90 days prior to the date of this  quarterly  report on Form  10-QSB
for the second  quarter  ended  April  30,  2003,  the  Company  carried  out an
evaluation,  under the supervision and with the  participation  of the Company's
management,  including the Company's Chief Executive Officer and President,  the
principal  executive  officer and the Company's  Chief  Financial  Officer,  our
principal financial officer, of the effectiveness of the design and operation of
the Company's  disclosure controls and procedures pursuant to Rule 13a-14 of the
Securities  Exchange  Act of 1934.  Based upon that  evaluation,  the  principal
executive  officer  and the  principal  financial  officer  concluded  that  the
Company's  disclosure  controls and procedures are effective in timely  alerting
them to material  information  relating to the  Company's  periodic SEC filings.
There were no significant changes in the Company's internal controls or in other
factors that could significantly affect those controls subsequent to the date of
our most recent evaluation.


PART II.   OTHER INFORMATION

None
<PAGE>

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                               RF INDUSTRIES, LTD.


Dated: June 12, 2003                           By: /s/  Howard F. Hill
                                                  -----------------------------
                                                   Howard F. Hill, President
                                                   Chief Executive Officer




Dated: June 13, 2003                           By: /s/   Terrie A. Gross
                                                  -----------------------------
                                                    Terrie A. Gross
                                                    Chief Financial Officer


<PAGE>


                                 CERTIFICATIONS

I, Howard F. Hill, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of RF Industries,  Ltd.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;
3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods  presented in this quarterly  report;

4.The   registrant's   other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange  Act Rules  13a-14  and  15d-14)  for the  registrant  and we have:

a)designed  such  disclosure  controls and  procedures  to ensure that  material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed,  based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: June 12, 2003



  /s/ Howard F. Hill
-------------------------
Howard F. Hill
Chief Executive Officer

<PAGE>

I, Terrie A. Gross, certify that:

1. I have reviewed this quarterly report on Form 10-Q of RF Industries, Ltd.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed,  based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officer  and I have  indicated  in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.



Date: June 12, 2003


 /s/   Terrie A. Gross
-----------------------------
Terrie A. Gross
Chief Financial Officer