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, 2001
                         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, 2001, the registrant had 3,441,054 shares of Common Stock, $.01
par value, issued.

Transitional small business disclosure format

                                    Yes     No X
                                              ---




                                        1

<PAGE>



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

                                                           July 31    October 31
                                                             2001        2000
                                                         -----------  ----------
                                                         (Unaudited)
 ASSETS
----------------------
CURRENT ASSETS

Cash and cash equivalents ...........................   $  722,267   $  557,923

Investments in available-for-sale securities.........    1,739,960    2,208,558

Trade accounts receivable, net of allowance
for doubtful accounts of $42,000 ....................      967,194    1,313,935

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

Inventories .........................................    4,980,473    4,165,242

Other current assets ................................      106,965      174,779

Deferred tax assets .................................      176,900      166,000
                                                         ----------   ----------
     TOTAL CURRENT ASSETS ...........................    8,705,759    8,598,437
                                                         ----------   ----------

PROPERTY AND EQUIPMENT

Equipment and tooling ...............................    1,053,170      733,150
Furniture and office equipment ......................      224,444      190,867
                                                         ----------   ----------
     Fixed assets, at cost ..........................    1,277,614      924,017
     Less accumulated depreciation ..................      699,366      605,164
                                                         ----------   ----------
     NET FIXED ASSETS ...............................      578,248      318,853
                                                         ----------   ----------

Intangible assets ...................................      174,698            0
Less accumulated amortization .......................        8,735            0
                                                         ----------   ----------
     NET INTANGIBLE ASSETS ..........................      165,963            0

Note receivable from stockholder ....................       70,000       70,000
Deferred tax assets .................................       94,000       94,000
Other assets ........................................       11,471       11,471
                                                         ----------   ----------
     TOTAL ASSETS ...................................   $9,625,441   $9,092,761





       See Notes to Condensed Consolidated Unaudited Financial Statements.


                                        2

<PAGE>


                                            RF INDUSTRIES, LTD. AND SUBSIDIARY
                                           CONDENSED CONSOLIDATED BALANCE SHEETS


                                                           July 31    October 31
                                                             2001        2000
                                                         -----------  ----------
                                                         (Unaudited)
LIABILITIES AND
STOCKHOLERS' EQUITY
---------------------------
CURRENT LIABILITIES

Accounts payable .................................   $   170,495    $   403,530

Notes payable ....................................        98,103              0

Accrued expenses .................................       302,574        513,186
                                                      -----------    -----------
     TOTAL  LIABILITIES ..........................       571,172        916,716
                                                      -----------    -----------

COMMITMENTS AND CONTINGENCIES


STOCKHOLDERS' EQUITY
Common Stock - authorized 10,000,000 shares
 of $.01 par value; 3,441,054 and
 3,402,054, respectively shares issued ...........        34,411         34,021

Additional paid-in capital .......................     4,695,146      4,686,161

Retained earnings ................................     4,489,883      3,668,867

Unearned compensation ............................       (47,004)      (117,546)

Accumulated other comprehensive loss .............       (63,599)       (40,890)

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

Treasury stock, at cost - 29,400 shares ..........       (52,853)       (52,853)
                                                      -----------    -----------

     TOTAL STOCKHOLDERS' EQUITY ..................     9,054,269      8,176,045
                                                      -----------    -----------
      TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY .....................   $ 9,625,441    $ 9,092,761
                                                      ===========    ===========


       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


                                                   2001           2000          2001           2000
INCOME:                                         ----------     ----------    ----------     ----------
<S>                                            <C>            <C>           <C>            <C>

Net sales ..................................   $ 2,596,391    $ 2,311,667   $ 7,348,531    $ 5,964,646

Cost of sales ..............................     1,275,342      1,091,539     3,633,569      2,802,631
                                               -----------    -----------   -----------    -----------
     Gross profit ..........................     1,321,049      1,220,128     3,714,962      3,162,015
                                               -----------    -----------   -----------    -----------
Operating expenses:
     Engineering ...........................       134,661         83,153       376,064        221,744
     Selling and general ...................       749,107        535,272     2,192,742      1,565,415
                                               -----------    -----------   -----------    -----------
         Totals ............................       883,768        618,425     2,568,806      1,787,159
                                               -----------    -----------   -----------    -----------

Operating income ...........................       437,281        601,703     1,146,156      1,374,856
                                               -----------    -----------   -----------    -----------
Other income:
     Commissions ...........................        91,691              0       152,548              0
     Interest ..............................        15,393         33,097        70,314         97,223
                                               -----------    -----------   -----------    -----------
         Totals ............................       107,084         33,097       222,862         97,223
                                               -----------    -----------   -----------    -----------
Income before provision
    for income tax .........................       544,365        634,800     1,369,018      1,472,079

Provision for income tax ...................       218,000        254,000       548,000        589,000
                                               -----------    -----------   -----------    -----------
Net income .................................   $   326,365    $   380,800   $   821,018    $   883,079
                                               ===========    ===========   ===========    ===========
Basic earnings per share ...................   $      0.10    $      0.11   $      0.24    $      0.27
                                               ===========    ===========   ===========    ===========
Diluted earnings per share .................   $      0.08    $      0.10   $      0.21    $      0.24
                                               ===========    ===========   ===========    ===========
Basic weighted average
    shares outstanding .....................     3,415,721      3,402,054     3,407,146      3,299,085
                                               ===========    ===========   ===========    ===========
Diluted weighted average
    shares outstanding .....................     3,938,595      3,735,175     3,943,982      3,708,455
                                               ===========    ===========   ===========    ===========
COMPREHENSIVE INCOME:
Net income .................................   $   326,365    $   380,800   $   821,018    $   883,079

Unrealized loss on available-
for-sale securities, net of tax effect .....        (5,966)             0       (22,709)             0
                                               -----------    -----------   -----------    -----------
     Total comprehensive income ............   $   320,399    $   380,800   $   798,309    $   883,079
                                               ===========    ===========   ===========    ===========
</TABLE>


       See Notes to Condensed Consolidated Unaudited Financial Statements


                                        4

<PAGE>

Item 1: Financial Statements (continued)

<TABLE>
<CAPTION>

                                                            RF INDUSTRIES, LTD. AND SUBSIDIARY
                                                                  CONDENSED CONSOLIDATED
                                                                 STATEMENTS OF CASH FLOWS
                                                                       (Unaudited)
                                                                 Nine Months Ended July 31
                                                                ---------------------------
                                                                    2001           2000
                                                                ------------   ------------
OPERATING ACTIVITIES
<S>                                                             <C>            <C>
Net income ..................................................   $   821,018    $   883,079
Adjustments to reconcile net income
to net cash provided by operating activities
     Bad debts ..............................................        28,320              0
     Inventory deposit write-offs ...........................        30,294              0
     Depreciation and amortization ..........................       102,937         52,652
     Amortization of unearned compensation ..................        70,542         70,542

Changes in operating assets and liabilities, net of
       acquisition in 2001:
          Trade accounts receivable .........................       394,758        (10,434)
          Inventories .......................................      (805,569)    (1,083,678)
          Other assets ......................................        71,647        (46,873)
          Accounts payable ..................................      (261,021)       185,706
          Accrued expenses ..................................      (210,656)       107,185
                                                                 -----------    -----------
      Net cash provided by operating activities .............      242,270        158,179
                                                                 -----------    -----------
INVESTING ACTIVITIES
      Proceeds from sale of (investments in) securities .....       445,889       (173,330)
      Capital expenditures ..................................      (165,741)      (193,612)
      Payment for acquisition, net of cash acquired .........      (147,078)             0
                                                                 -----------    -----------
      Net cash provided by (used in) investing activities....       133,070       (366,942)
                                                                 -----------    -----------
FINANCING ACTIVITIES
      Payments on loans payable .............................      (220,371)             0
      Proceeds from exercise of common stock options ........         9,375        138,470
                                                                 -----------    -----------
      Net cash provided by (used in) financing activities....      (210,996)       138,470
                                                                 -----------    -----------
Net increase (decrease) in cash and cash equivalents ........       164,344        (70,293)

Cash and cash equivalents at the
      beginning of the period ...............................       557,923      1,100,816
                                                                 -----------    -----------
Cash and cash equivalents at the end of the period ..........   $   722,267    $ 1,030,523
                                                                 ===========    ===========
SUPPLEMENTARY CASH FLOW DATA:
     Income taxes paid ......................................   $   255,000              0
                                                                 ===========    ===========
 Noncash investing and financing activities:
     Fair value of assets acquired ..........................   $   496,504
     Liabilities assumed ....................................      (207,341)
     Note payable ...........................................      (139,163)
                                                                 -----------
     Cash paid ..............................................   $   150,000
                                                                 ===========

</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,  2001 are not
necessarily  indicative  of the results that may be expected for the year ending
October 31, 2001.  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, 2000.

                   Note 2 - The acquisition and other matters

On  December  1,  2000,  the  Company  acquired  all the  outstanding  stock  of
Bioconnect,  Inc. for total  consideration  of $289,163,  of which  $139,163 was
financed by the seller.

The acquisition has been accounted for as a purchase and,  accordingly,  the net
assets  acquired  were  recorded  at  estimated  fair  values  on  the  date  of
acquisition.  A summary of the allocation of the cost of the  acquisition to the
net assets acquired as of December 1, 2000 follows:


              Cash .................................   $   2,922
              Accounts receivable ..................      76,337
              Inventory ............................      39,956
              Property and equipment ...............     187,855
              Intangibles and other assets .........     189,434
                                                        ---------
              Total assets acquired ................     496,504

              Accounts payable and other liabilities    (207,341)
                                                        ---------
              Net assets acquired ..................   $ 289,163
                                                        =========

The unaudited condensed  consolidated  financial statements include the accounts
of  RF  Industries,   Ltd.  (the  "Parent")  and  its  wholly-owned  subsidiary,
Bioconnect,  Inc. (collectively,  the "Company").  All significant  intercompany
accounts and transactions are eliminated in consolidation. Goodwill of $174,698,
related to the acquisition is being amortized over fifteen years.

                                        6

<PAGE>






                        Note 3 - Components of inventory


                                       July 31       October 31
                                         2001           2000
                                     -----------    -----------
                                     (Unaudited)     (Audited)
         Raw material and supplies   $  895,400     $  559,786
         Finished goods ..........    4,085,073      3,605,456
                                     ----------     ----------
          Totals .................   $4,980,473     $4,165,242
                                     ==========     ==========


                          Note 4 - Earnings per share:

The  Company  follows  the  provisions  of  Statement  of  Financial  Accounting
Standards No. 128,  "Earnings per Share",  which  requires the  presentation  of
"basic" and "diluted"  earnings per common 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, 2000.

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.

The following table summarizes basic and diluted shares:

<TABLE>
<CAPTION>

                                                    Three Months Ended       Nine Months Ended
                                                          July 31                July 31
                                                  ---------------------   ---------------------
                                                     2001       2000         2001       2000
                                                  ---------  ----------   ----------  ---------
<S>                                               <C>         <C>         <C>         <C>
 Weighted average shares outstanding for
     basic net earnings per share .............   3,415,721   3,402,054   3,407,146   3,299,085
Add effects of potentially dilutive securities-
     assumed exercised of stock options .......     522,874     333,121     536,836     409,370
                                                  ---------   ---------   ---------   ---------
 Weighted average shares for diluted net
      earnings per share ......................   3,938,595   3,735,175   3,943,982   3,708,455
                                                  =========   =========   =========   =========
</TABLE>





                                        7

<PAGE>




                          Note 5 - Segment Information

Net sales and income  (loss)  before  provision  for income  taxes for the three
months ended July 31, 2001 and 2000 follows:

<TABLE>
<CAPTION>


                           Connector/                                    Common/
                             Cable          Neulink      *Bioconnect    Corporate       Total
                          ------------    -----------    -----------   -----------   ----------
 2001
------
<S>                       <C>           <C>              <C>           <C>          <C>

Net sales .............   $ 2,305,096    $  184,434      $ 106,861                  $ 2,596,391
Income (loss) before
   provision for income
    taxes .............       580,226        83,312       (131,713)     $  12,540       544,365

 2000
------
Net sales .............   $ 2,118,336    $  193,331                                 $ 2,311,667
Income (loss) before
   provision for income
    taxes .............       756,945      (155,242)                    $  33,097       634,800


Net sales and income  (loss)  before  provision  for  income  taxes for the nine
months ended July 31, 2001 and 2000 follows:


                          Connector/                                    Common/
                             Cable          Neulink      *Bioconnect    Corporate       Total
                          ------------    -----------    -----------   -----------   ----------
 2001
------
Net sales .............   $ 6,534,643   $   587,377    $   226,511                  $ 7,348,531
Income (loss) before
   provision for income
    taxes .............     1,669,881       (27,234)      (343,943)     $  70,314     1,369,018

 2000
------
Net sales .............   $ 5,490,785   $   473,861                                 $ 5,964,646
Income (loss) before
   provision for income
    taxes .............     1,553,035      (178,179)                    $  97,223     1,472,079

</TABLE>

* Bioconnect  was  purchased  on December 1, 2000.





                                        8

<PAGE>



                             Note 6 - Stock Options

During the quarter ended July 31, 2001, several employees exercised their right
to purchase 38,000 shares of common stock with a weighted average exercise price
of $0.21.

During the quarter ended July 31, 2001, the Company granted  compensatory  stock
options to  employees to purchase  200,000  shares of common stock at a price of
$2.90 per share,  the market  value of the  Company's  common stock at the grant
date.  The options vest 10% per year over ten years and expire upon  termination
of employment or in ten years.

                      Note 7 - New Accounting Pronouncement

In June,  2001,  the FASB issued SFAS No. 142,  "Goodwill  and Other  Intangible
Assets", which requires that goodwill and certain intangibles assets,  including
those  recorded in past business  combinations,  no longer be amortized  against
earnings,  but instead be tested for impairment at least annually.  SFAS No. 142
will become  effective for fiscal years  beginning  after December 15, 2001 with
early adoption  permitted for fiscal years  beginning  after March 15, 2001. The
Company  plans to elect  early  adoption of SFAS No. 142 on November 1, 2001 and
does not  expect the  adoption  to have a  material  effect on its  consolidated
financial statements.

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, 2000 and other  reports and filings
made with the Securities and Exchange Commission.




                                        9

<PAGE>



Liquidity and Capital Resources

Management  believes that its existing capital  resources and cash it expects to
generate  from  operations  will be  sufficient  to fund the  Company's  working
capital needs for the next twelve months. Management believes that any financing
requirements can be met through a combination of cash and investments held as of
July 31,  2001,  and  internally  generated  cash  flow.  The  Company  does not
currently have any commercial banking  arrangements  providing for loans, credit
facilities or similar matters.

The Company does not believe it will need material  additional capital equipment
in fiscal 2001.  In the past,  the Company has financed  some of its fixed asset
requirements  through capital leases. No additional capital equipment  purchases
have been currently identified that would require significant additional leasing
or capital  obligations during fiscal 2001.  Management also believes that based
on  the  Company's  financial  condition  at  July  31,  2001,  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.

Net cash  provided by operating  activities  for the first nine months of fiscal
2001 was $242,3000 whereas cash  provided by operating  activities  for the nine
month period ended July 31, 2000 was $158,200. Non cash charges for bad debt and
inventory deposit  write-offs,  for the current nine month period, were $58,600.
There were no such  charges in the first nine months of last year.  Depreciation
and amortization,  including amortization of unearned compensation, was $173,500
for the first nine  months,  compared to $123,200 for the same period last year.
An increase of $50,300 is primarily due to the depreciation of assets associated
with the Bioconnect acquisition. Seasonal factors resulted in a decline in trade
accounts  receivable  by  $394,800.  Inventories  increased  $805,600 to support
higher sales  levels,  new  distributors  and the rapid sales growth of RF cable
assemblies.  The Company has  historically  maintained high inventory  levels as
part of its strategy of providing  high  quality  service and quick  response to
customer  requirements.  Other assets decreased $71,650 in the first nine months
of 2001, principally due to lower prepayments to the Company's vendors. Seasonal
factors  also  caused  accounts  payable  and  accrued  expenses  to  decline by
$471,700.

Net cash  provided by investing  activities  was $133,100  during the first nine
month  period  ended July 31,  2001,  compared to $367,000  used in the previous
year. Proceeds from the sale of available for sale securities of $445,900 in the
current  year  were  used  for  capital  expenditures  of  $165,700  and for the
Bioconnect acquisition of $147,100.

Net cash used in  financing  activities  was  $211,000 for the nine month period
ended July 31, 2001,  and consisted  principally of payments on loans payable of
$220,400, which were associated with the Bioconnect acquisition.

As of July 31,  2001 the  Company  had  $722,300  in cash,  and  investments  in
available for sale securities of $1,739,900, as compared to $557,900 in cash and
cash  equivalents,  and $2,208,500 in available for sales  securities at October
31, 2000.


                                       10

<PAGE>

In June,  2001,  the FASB issued SFAS No. 142,  "Goodwill  and Other  Intangible
Assets", which requires that goodwill and certain intangibles assets,  including
those  recorded in past business  combinations,  no longer be amortized  against
earnings,  but instead be tested for impairment at least annually.  SFAS No. 142
will become  effective for fiscal years  beginning  after December 15, 2001 with
early adoption  permitted for fiscal years  beginning  after March 15, 2001. The
Company  plans to elect  early  adoption of SFAS No. 142 on November 1, 2001 and
does not  expect the  adoption  to have a  material  effect on its  consolidated
financial statements.

Three Months 2001 vs. Three Months 2000

Net sales increased 12%, or $285,000, to $2,596,000 from $2,311,000 in the three
months ended July 31, 2001.  RF  Connectors  sales  increased 9% to  $2,306,000,
compared to $2,118,000 for the same period last year,  due to continuing  strong
order rates for cable  assemblies.  Sales at RF Neulink increased 5% to $184,000
compared to $193,000  last year.  This  increase can be  attributed  to stronger
sales in new application areas. Bioconnect's three month sales were $107,000.

Cost of sales  increased  17%, or $183,000 to $1,275,000  from  $1,092,000  last
year, due to higher sales levels. Minor changes in the product mix reduced gross
profits, as a percent of sales, to 51% compared to 53% last year. Substancially,
all  sales  for the three  months  ended  July 31,  2001  were  produced  by the
Connector division where the gross magin was 53%.

Engineering  expenses  increased  $51,500,  or 62%, from $83,000 last year.  The
increase is attributable to added personnel,  increased  expenses for Bioconnect
to  develop  new  products,  and  engineering  costs  associated  with the rapid
expansion of RF Cable products.

Selling  and general  expenses  increased  40% or  $214,000,  to  $749,000  from
$535,000 last year, and as a percent of sales increased to 29% from 23% of sales
last year.  The  increase can be  attributed  to the  expenses  associated  with
Bioconnect and higher expenses for increased travel, advertising,  and insurance
expenses.

Net interest income decreased  $17,500 to $15,500 from $33,000 the previous year
primarily due to lower balances of cash and  equivalents  and available for sale
securities.  The  decrease  can be  attributed  to cash paid for the  Bioconnect
acquisition  and cash utilized for inventory  expansion and the  acquisition  of
certain fixed assets to support the Company's expansion.

Commissions  for  the  Neulink  divisions  sales  were  $92,000.  There  were no
commissions in the previous year. Commission income is payment to RF Neulink for
sales  services to obtain a contract for one of the Company's  wireless  product
suppliers.

Net income for the three month period  ended July 31, 2001  decreased by $54,000
to $326,000 as a result of lower gross margins,  increased engineering expenses,
and highter sellling and general expenses.


                                       11

<PAGE>

Nine Months 2001 vs Nine Months 2000

Net sales  increased  $1,384,000,  or 23%, to  $7,350,000  from  $5,966,000  the
previous year. RF Connectors  sales  increased 18% to $6,500,000 from $5,500,000
last year, due to continuing  strong sales of connectors  and cable  assemblies.
Sales for RF Neulink  increased 24% to $587,000 from $474,000 the previous year.
The increase can be attributed  to increased  sales for new  application  areas.
Bioconnect  sales were $226,500 with no comparable sales from the prior year due
to the acquisition.

Cost of sales  increased  $830,000,  or 30%, to $3,630,000  from $2,800,000 last
year due to higher  sales  levels.  Gross  profit was  influenced  by changes in
product mix, which reduced gross profit,  as a percent of sales, to 51% compared
to 53% last year. Gross margin for the Connector division,  the source of 89% of
the sales for the nine months, was 53%.

Engineering expenses increased $154,000,  or 69%, to $376,000 from $222,000 last
year. This increase can be attributed to added personnel and expenses associated
with the Bioconnect acquisition and expansion of our engineering  departments to
meet the increased business demands.

Selling and general expenses increased  $630,000 or 40%, to $2,195,000  compared
to $1,565,000  last year, and as a percent of sales increased to 30% from 27% of
sales last year.

The  increase  is due to the  added  expenses  associated  with  the  Bioconnect
acquisition and higher expenses for legal fees due to the SEC inquiry, increased
travel, advertising, and insurance expenses.

Net interest income decreased  $27,000 to $70,000 from $97,000 the previous year
primarily due to lower balances of cash and  equivalents  and available for sale
securities.  The  decrease  can be  attributed  to cash paid for the  Bioconnect
acquisition and cash utilized to support the Company's expansion.

Commissions  for  the  Neulink  division's  sales  were  approximately  $152,500
compared to no commissions the previous year. Commission income is payment to RF
Neulink  for  sales  services  to  obtain a  contract  for one of the  Company's
wireless product suppliers.

Net income for the nine month period  ending July 31, 2001  decreased by $62,000
to $821,000 as a result of lower gross margins,  increased engineering expenses,
and higher selling and general expenses.

Material changes in financial condition:

Cash increased $160,000 to $720,000 compared to the October 31, 2000 fiscal year
balance of  $560,000.  Cash and  investments  were  $2,460,000  at July 31, 2001
compared  to  $2,760,000  at July 31,  2000.  Cash was used,  in the nine  month
period,  for expanded  inventory,  the acquisition of Bioconnect and for certain
capital equipment to support the sales growth of cable products.



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<PAGE>

Trade accounts receivable decreased $346,000, or 26% to $967,000 compared to the
October 31, 2000 balance of $1,314,000. This decrease is due to seasonal factors
and to continued collection efforts.

Inventories  increased  $815,000  compared to October 31, 2000 inventory levels.
This  increase  is  to  support  sales  growth  and  the   anticipated   backlog
requirements, and includes $57,000 in Bioconnect inventory.

Other current  assets,  including  prepaid  expenses and deposits,  decreased to
$107,000 from  $175,000 on October 31, 2000.  This decrease is due to receipt of
prepaid inventory items and deposits.


PART II.   OTHER INFORMATION

Item 1.    Legal Proceedings

                                  None

                  Items 2-5       Not applicable

                  Item 6.   Exhibits and Reports on Form 8-K

                                  None

                           (b)  Reports on Form 8-K

                                  None




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<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 14, 2001              By:  /s/ Howard F. Hill
                                                -------------------------------
                                                    Howard F. Hill, President
                                                    Chief Executive Officer







    Dated:   September 14, 2001              By:  /s/ Terrie A. Gross
                                                -------------------------------
                                                    Terrie A. Gross
                                                    Chief Financial Officer




                                                          13

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