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 July 31, 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 July 31, 2003, the registrant had 2,679,468 shares of Common Stock, $.01
par value, issued.

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






                                                        July 31       October 31
                                                          2003           2002
                                                      -----------    -----------
                                                      (Unaudited)
   ASSETS
--------------
CURRENT ASSETS

Cash and cash equivalents ..........................  $ 2,486,207   $ 3,939,299
Trade accounts receivable, net of allowance
for doubtful accounts of $106,993 and $84,806 ......    1,137,525     1,146,439
Notes receivable ...................................       12,000        12,000
Inventories ........................................    3,701,879     4,143,617
Other current assets ...............................      236,013       169,396
Deferred tax assets ................................      162,600       162,600
                                                      -----------   -----------
     TOTAL CURRENT ASSETS ..........................    7,736,224     9,573,351
                                                      -----------   -----------
PROPERTY AND EQUIPMENT

Equipment and tooling ..............................    1,121,093     1,082,813
Furniture and office equipment .....................      251,514       251,514
                                                      -----------   -----------
                                                        1,372,607     1,334,327
     Less accumulated depreciation .................    1,019,775       899,504
                                                      -----------   -----------
     Total .........................................      352,832       434,823

Notes receivable from related parties ..............       48,900        56,505
Note receivable from stockholder ...................       70,000        70,000
Other assets .......................................       14,171        11,471
                                                      -----------   -----------
     TOTAL ASSETS                                     $ 8,222,127   $10,146,150
                                                      ===========   ===========




       See Notes to Condensed Consolidated Unaudited Financial Statements.



                                       2

<PAGE>

Item 1:   Financial Statements (continued)

                                            RF INDUSTRIES, LTD. AND SUBSIDIARY
                                          CONDENSED CONSOLIDATED BALANCE SHEETS


                                                        July 31       October 31
                                                          2003           2002
                                                      -----------    -----------
LIABILITIES AND                                       (Unaudited)
STOCKHOLDERS' EQUITY
----------------------
CURRENT LIABILITIES

Accounts payable ...............................   $    189,028    $     70,806

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

Accrued expenses ...............................        233,227         327,271
                                                   ------------    ------------
     Total current liabilities .................        422,255         442,659

Deferred tax liabilities .......................        107,800         107,800
                                                   ------------    ------------
     TOTAL LIABILITIES .........................        530,055         550,459
                                                   ------------    ------------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Common stock - authorized 10,000,000 shares
  of $.01 par value; 2,679,468 and 3,441,054
    shares issued ..............................         26,794          34,410

Additional paid-in capital .....................      2,401,334       4,695,147

Retained earnings ..............................      5,332,650       4,923,060

Receivables from sales of stock ................            (15)         (1,715)

Treasury stock, at cost - 21,900 and
   31,700 shares ...............................        (68,691)        (55,211)
                                                   ------------    ------------
     TOTAL STOCKHOLDERS' EQUITY ................      7,692,072       9,595,691
                                                   ------------    ------------
      TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY ...................   $  8,222,127    $ 10,146,150
                                                   ============    ============



       See Notes to Condensed Consolidated Unaudited Financial Statements.


                                       3

<PAGE>

Item 1:   Financial Statements (continued)
<TABLE>
<CAPTION>
                                                  RF INDUSTRIES, LTD. AND SUBSIDIARY
                                                 CONDENSED CONSOLIDATED STATEMENTS OF
                                                    INCOME AND COMPREHENSIVE INCOME

                                            Three Months Ended            Nine Months Ended
                                                 July 31                       July 31
                                         -----------------------      ------------------------
                                               (Unaudited)                    (Unaudited)
                                            2003         2002            2003          2002
                                         ----------   ----------      ----------    ----------
INCOME:
<S>                                     <C>           <C>            <C>           <C>
Net sales ...........................   $ 2,337,410   $ 2,161,127    $ 6,830,310   $ 6,437,033
Cost of sales .......................     1,151,146     1,186,038      3,414,791     3,292,714
                                        -----------   -----------    -----------   -----------
     Gross profit ...................     1,186,264       975,089      3,415,519     3,144,319
                                        -----------   -----------    -----------   -----------
Operating expenses:
     Engineering ....................       178,933       169,784        565,231       476,011
     Selling and general ............       684,425       760,430      2,183,275     2,266,041
                                        -----------   -----------    -----------   -----------
         Totals .....................       863,358       930,214      2,748,506     2,742,052
                                        -----------   -----------    -----------   -----------
Operating income ....................       322,906        44,875        667,013       402,267
                                        -----------   -----------    -----------   -----------
Other income (expenses):

   Realized loss on sales of
         investments ................             0        (8,192)             0        (8,192)
     Commissions ....................             0        14,886              0        23,101
     Interest .......................         1,122        17,175         17,227        57,178
                                        -----------   -----------    -----------   -----------
          Totals ....................         1,122        23,869         17,227        72,087
                                        -----------   -----------    -----------   -----------
Income before provision
    for income tax ..................       324,028        68,744        684,240       474,354
Provision for income tax ............       125,750        28,000        274,650       190,000
                                        -----------   -----------    -----------   -----------
          Net income ................   $   198,278   $    40,744    $   409,590   $   284,354
                                        ===========   ===========    ===========   ===========
Basic earnings per share ............   $      0.07   $      0.01    $      0.13   $      0.08
                                        ===========   ===========    ===========   ===========
Diluted earnings per share ..........   $      0.06   $      0.01    $      0.11   $      0.07
                                        ===========   ===========    ===========   ===========
Basic weighted average
    shares outstanding ..............     2,768,571     3,409,354      3,185,864     3,409,354
                                        ===========   ===========    ===========   ===========
Diluted weighted average
    shares outstanding ..............     3,326,677     3,738,371      3,580,094     3,814,647
                                        ===========   ===========    ===========   ===========
COMPREHENSIVE INCOME
Net income ..........................   $   198,278   $    40,744    $   409,590   $   284,354
Unrealized gain (loss) on available-
for-sale securities, net of deferred
 tax ................................             0          (723)             0         7,986
                                        -----------   -----------    -----------   -----------
           Total comprehensive income   $   198,278   $    40,021    $   409,590   $   292,340
                                        ===========   ===========    ===========   ===========
</TABLE>

       See Notes to Condensed Consolidated Unaudited Financial Statements.

                                       4

<PAGE>

Item 1:    Financial Statements   (continued)





                       RF INDUSTRIES, LTD. AND SUBSIDIARY
                             CONDENSED CONSOLIDATED
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                              Nine months ended July 31
                                                           -------------------------------
                                                                     (Unaudited)
                                                                  2003          2002
                                                              -----------    ----------
<S>                                                         <C>            <C>
Net income ..............................................   $   409,590    $   284,354
Adjustments to reconcile net income to
     net cash provided by operating activities:
     Provision for bad debts ............................        36,000         70,000
     Depreciation and amortization ......................       120,270        123 090
     Amortization of unearned compensation ..............                       23,490
     Realized loss on available-for-sale securities .....                        8,192

Changes in operating assets and liabilities:
     Trade accounts receivable ..........................       (27,086)        78,397
      Inventories .......................................       441,738        439,495
      Other assets ......................................       (61,712)       (67,754)
      Accounts payable ..................................       118,222        (14,966)
      Accrued expenses ..................................       (94,044)       (12,292)
                                                            -----------    -----------
      Net cash provided by operating activities .........       942,978        932,006
                                                            -----------    -----------
INVESTING ACTIVITIES
      Proceeds from sale of available-for-sale securities                    1,780,659
      Investments in securities .........................                      (30,910)
      Capital expenditures ..............................       (38,279)       (23,980)
      Repayments of related party notes .................         1,700
                                                            -----------    -----------
      Net cash provided by (used in) investing activities       (36,579)     1,725,769
                                                            -----------    -----------
FINANCING ACTIVITIES
      Payments on loans payable .........................       (44,582)       (47,500)
      Proceeds from exercise of stock options ...........        38,840              0
      Repurchase of Company stock .......................    (2,353,749)             0
                                                            -----------    -----------
      Net cash used in  financing activities ............    (2,359,491)       (47,500)
                                                            -----------    -----------
Net increase (decrease) in cash and cash equivalents
                                                             (1,453,092)     2,610,275
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 ......   $ 2,486,207    $ 3,525,813
                                                            ===========    ===========
</TABLE>


       See Notes to Condensed Consolidated Unaudited Financial Statements

                                       5

<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 nine month periods ended July
     31, 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
                                                   July 31        October 31
                                                    2003             2002
                                                ------------      ----------
                                                (Unaudited)

          Raw material and supplies .......... $   639,853      $   655,746
          Finished goods .....................   3,062,026        3,487,871
                                                ----------        ---------
                Totals ....................... $ 3,701,879      $ 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:


                                       6

<PAGE>
<TABLE>
<CAPTION>
                                                         Three Months Ended       Nine Months Ended
                                                               July 31                July 31

                                                          2003       2002         2003       2002
                                                       ---------   ---------   ---------   ---------
<S>                                                    <C>         <C>         <C>         <C>
     Weighted average shares outstanding for
          basic net earnings per share .............   2,768,571   3,409,354   3,185,864   3,409,354

     Add effects of potentially dilutive securities-
         assumed exercise of stock options .........     558,106     329,017     394,230     405,293
                                                       ---------   ---------   ---------   ---------

     Weighted average shares for diluted net
         earnings per share ........................   3,326,677   3,738,371   3,580,094   3,814,647
                                                       =========   =========   =========   =========
</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 third quarter for the
year ending October 31, 2003. The comparable  segment  information for the third
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 July 31, 2003 and 2002 follows:

                                                       Common/
                           Connector      Neulink      Corporate       Total
                           ---------     ---------     ---------    -----------

   2003
-----------
Net sales .............   $2,129,464   $  207,946                   $2,337,410

Income (loss) before
 provision for income
  taxes ...............      404,531      (81,625)        1,122        324,028

Depreciation and
   amortization .......       37,066        2,072                       39,138

Total assets ..........    7,596,044      626,083                    8,222,127

Additions to property
   and equipment ......        1,101                                     1,101



                                      7

<PAGE>

                                                       Common/
                           Connector      Neulink      Corporate       Total
                           ---------     ---------     ---------    -----------
   2002
------------
Net sales ............   $ 2,055,210   $   105,917                 $ 2,161,127

Income (loss) before
  provision for income
    taxes ............       115,155       (63,586)   $    17,175       68,744

Depreciation and
   amortization ......        45,216        (4,847)                     40,369

Total assets .........     8,836,762     1,089,256                   9,926,018

Additions to property
   and equipment .....         6,389                                     6,389


Net sales and income (loss) before provision for income taxes for the nine
months ended July 31, 2003 and 2002 follows:

                                                       Common/
                           Connector      Neulink      Corporate       Total
                           ---------     ---------     ---------    -----------
   2003
-----------
Net sales .............   $5,916,038   $  914,272                   $6,830,310

Income (loss) before
 provision for income
    taxes .............      787,657     (120,644)       17,227        684,240

Depreciation and
   amortization .......      109,020       11,250                      120,270

Total assets ..........    7,596,044      626,083                    8,222,127

Additions to property
   and equipment ......       38,279                                    38,279

   2002
-----------

Net sales ............   $ 5,778,270   $   658,763                 $ 6,437,033

Income (loss) before
  provision for income
    taxes ............       436,968       (19,792)   $    57,178      474,354

Depreciation and
   amortization ......       107,200        15,890                     123,090

Total assets .........     8,836,762     1,089,256                   9,926,018

Additions to property
   and equipment .....        23,980                                    23,980



                                       8

<PAGE>

Note 5- Stock Option Plan

A  description  of the  Company's  2000 Stock Option Plan 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       Nine Months Ended
                                               --------------------    ---------------------
                                                     July 31                  July 31

                                                2003         2002        2003         2002
                                             ---------    ---------   ---------    ---------
<S>                                          <C>          <C>         <C>          <C>
Net income - as reported .................   $ 198,278    $ 40,744    $ 409,590    $ 284,354

Deduct total stock-based employee
     compensation expense determined
     under fair value-based method for
     all awards ..........................     (20,000)    (20,000)     (60,000)     (60,000)
                                           -----------   ----------   ----------  -----------

Net income - pro forma ...................   $ 178,278    $ 20,744    $ 349,590    $ 224,354
                                           ===========  ==========  ===========  ===========

Basic earnings per share - as reported ...   $    0.07    $   0.01    $    0.13    $    0.08

Basic earnings per share - pro forma .....   $    0.06    $   0.01    $    0.11    $    0.07

Diluted earnings per share - as reported..   $    0.06    $   0.01    $    0.11    $    0.07

Diluted earnings per share - pro forma ...   $    0.05    $   0.01    $    0.10    $    0.06
</TABLE>

Note 6 - Equity transactions

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  were  retired  and  represent  22%  of  the  total  shares   outstanding
immediately  prior to the  purchase  and were  owned by a  single,  unaffiliated
stockholder.  During the quarter ending July 31, 2003, the Company issued 34,381
shares of common  stock upon the  exercise of employee  stock  options  having a
weighted  average  exercise price of $1.13.  In addition,  on July 31, 2003, the
Company retired 43,800 shares of its common stock, which were previously held in
treasury.

                                       9

<PAGE>

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.


                                       10


<PAGE>

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  are incorrect or the
market  changes,  we may be required to record  additional  reserves,  which may
decrease future earnings.

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 July 31, 2003, the amount of cash and cash equivalents was equal to $
     2,486,000 in the aggregate.

o    As of July 31,  2003,  the Company had $ 7,736,000 in current  assets,  and
     only $ 422,000 of current liabilities.

o    As of July 31, 2003,  the Company had no  outstanding  indebtedness  (other
     than accounts payable and accrued expenses).



                                       11
<PAGE>

In May 2003,  the Company used  $2,256,501 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  18 to 1. The 752,167  shares
that the Company  repurchased have been retired and, as permitted by Nevada law,
have been restored to the status of authorized and unissued shares available for
future issuance.

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 July 31,  2003,  the Company  had a total of $ 2,486,000  of cash and cash
equivalents  compared to a total of $ 3,939,000 of cash and cash  equivalents on
October 31, 2002.  The decrease in liquid assets is the result of the $2,256,500
repurchase of 752,167 shares of outstanding  stock in May 2003, which $2,256,500
decrease in cash was partially offset by the $198,000 of net income generated by
the Company during the most recent fiscal quarter.

Net cash used in  investing  activities  was $ 36,579 for the nine months  ended
July 31, 2003,  and was  attributable  to $ 38,279 in capital  expenditures  and
$1,700 representing repayments of notes.

Net cash used in financing  activities  was $2,359,491 for the nine months ended
July 31,  2003,  and was  attributable  to  $2,353,749  used to purchase  stock,
$44,582  payments  on loans  payable  and  $38,840  representing  proceeds  from
exercise of stock options.  For the nine months ended July 31, 2003, the Company
had  repurchased  additional  shares of its common stock,  and retired 43,800 of
those shares.

As a result of the foregoing  factors,  the Company used  $1,453,092 in net cash
during the past nine months.

RESULTS OF OPERATIONS

Three Months 2003 vs. Three Months 2002

Net sales, in the current fiscal quarter ended July 31, 2003, increased 8.2%, or
$176,300,  to $2,337,400  from $2,161,100 in the third fiscal quarter last year,
due to increased sales at both of the Company's two divisions.


                                       12

<PAGE>

Net sales at the RF  Connector  division,  which  now  includes  the  Bioconnect
product line,  increased 3.6%, to $2,129,500 compared to $2,055,200 for the same
quarter  last  year,  due to an  increase  in sales of higher  margin  Connector
products in the third  quarter.  The increase in sales of RF Connector  products
reflects  a  general  increase  in  demand  for  wireless  connectors  and cable
products,  primarily for Wi-Fi network  applications.  The Company believes this
increase is due, in part, to a revival in some sectors of the  telecommunication
industries and the continuing increase in the demand for wireless products.

Net sales at the RF Neulink division  increased during this year's third quarter
by 96.9% to $207,900  compared to $105,600 in the third  quarter last year.  The
increase  in sales is  primarily  the result of an increase in the number of 2.4
GHz transceivers sold.

Cost of sales  decreased 2.9% or $34,900,  to $1,151,100  from $1,186,000 in the
same quarter last year.  The decrease is primarily due to decreased  costs,  and
increased  efficiencies  that  have  been  realized  since  the  Company  closed
Bioconnect  operations,  at the Lake Elsinore plant, in January of 2003. Overall
gross  margins,  as a percentage of sales,  increased 5.7% compared to the third
quarter of last year primarily related to the improvement in Connector's product
mix during the quarter.

Engineering expenses increased 5.4%, or $9,100, to $178,900 from $169,800 in the
third 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 Neulink's existing RF9600 transceiver product line.

Selling and general expenses decreased 10% or $76,000, to $684,400 from $760,400
in the same quarter last year.  Selling and general  expenses  were lower in the
third quarter this year due primarily to decreased  salary expenses and facility
leasing costs since closing the Bioconnect plant.

Net interest  income  decreased to $1,100 from $17,100 in the third quarter last
year due to reduced investments in mutual funds.

Nine Months 2003 vs. Nine Months 2002

Net sales increased 6.1, or $393,300, to $6,830,300 from $6,437,000 for the nine
month period of 2002, primarily due to increased sales at the both divisions.

Net sales at the RF  Connector  division,  which  now  includes  the  Bioconnect
product line,  increased 2.4%, to $5,916,000 compared to $5,778,300 for the same
nine  months  last  year,  due to a general  increase  in the  demand  for cable
assemblies.

Net sales at the RF Neulink division  increased by 38.8% to $914,300 compared to
$658,800 in the third quarter last year. The increase in sales can be attributed
to expanded sales of Neulink wireless transceivers.


                                       13


<PAGE>


Cost of sales  increased 3.7% or $122,100,  to $3,414,800 from $3,292,700 in the
nine 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, increased 1.2% compared to the last year primarily because of the Neulink
and Connector product mix during the nine months.

Engineering  expenses  increased 18.7% or $89,200,  to $565,200 from $476,000 in
the first nine months 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  3.7% or $82,700,  to  $2,183,300  from
$2,266,000 in the same nine months last year.  Selling and general expenses were
higher in the nine month  period last year due to catalog  expenses and expenses
at the Bioconnect Lake Elsinore facility.

Net interest  income  decreased to $17,200 from $57,200 in the first nine 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 decreased by $1,453,092 to $2,486,207 at July 31, 2003
compared to $3,939,299 at October 31, 2002. The decrease is due primarily to the
repurchase of 752,167 shares of common stock in May 2003 for $2,265,500 in cash.

Trade  accounts  receivable  at July 31,  2003  decreased  0.8%,  or  $8,900  to
$1,137,500 compared to the October 31, 2002 balance of $1,146,400.  The decrease
is due primarily to timing of collections and the Company's increased efforts to
reduce its outstanding accounts receivable.

Inventories  at July 31, 2003  decreased  10.7%,  or  $441,700,  to  $3,701,900,
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's  improved
inventory  management has enabled it to steadily reduce inventory levels.  Based
on the recent increases in customer demand,  the Company does not expect that it
will achieve further inventory reductions.

Other current assets, including prepaid expenses and deposits, increased $66,600
to  $236,000,  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.



                                       14

<PAGE>

Item 3. Controls and Procedures.

Based on an evaluation 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,  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

Item 6.    Exhibits and Reports on Form 8-K

     (a) Exhibits:

          31.1:Certification of Chief Executive  Officer pursuant to Section 302
               of the Sarbanes-Oxley Act of 2002.

          31.2:Certification of Chief Financial  Officer pursuant to Section 302
               of the Sarbanes-Oxley Act of 2002.

          32.1:Certification  of Chief Executive  Officer  pursuant to 18 U.S.C.
               Section  1350,  as  adopted   pursuant  to  Section  906  of  the
               Sarbanes-Oxley Act of 2002. *

          32.2:Certification  of Chief Financial  Officer  pursuant to 18 U.S.C.
               Section  1350,  as  adopted   pursuant  to  Section  906  of  the
               Sarbanes-Oxley Act of 2002. *

               * Pursuant to Commission Release No. 33-8238,  this certification
               will be treated as  "accompanying"  this Quarterly Report of Form
               10-QSB and not  "filed" as part of such  report for  purposes  of
               Section 18 of the Securities Exchange Act of 1934, as amended, or
               otherwise   subject  to  the  liability  of  Section  18  of  the
               Securities   Exchange   Act  of  1934,   as  amended,   and  this
               certification  will not be deemed to be incorporated by reference
               into any filing under the Securities Act of 1933, as amended,  or
               the  Securities  Exchange Act of 1934, as amended,  except to the
               extent  that  the  registrant  specifically  incorporates  it  by
               reference.


                                       15
<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: September 10, 2003                          By: /s/  Howard F. Hill
                                                   ----------------------------
                                                   Howard F. Hill, President
                                                   Chief Executive Officer





Dated: September 10, 2003                          By: /s/   Terrie A. Gross
                                                   ----------------------------
                                                   Terrie A. Gross
                                                   Chief Financial Officer





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