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

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

                       for Quarter ended January 31, 2000
                         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

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


Indicate by check mark whether the registrant (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

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

As of January 31, 2000,  the  registrant  had 3,148,648  shares of Common Stock,
$.01 par value, issued and outstanding.






<PAGE>

Part I.   FINANCIAL INFORMATION


Item 1: Financial Statements

                                                           BALANCE SHEET

                                                     January 31     October 31
                                                       2000            1999
                                                    ------------   ------------
                                                    (Unaudited)      (Audited)
    ASSETS
--------------
CURRENT ASSETS


Cash ................................................   $1,327,454   $1,100,816

Investments in available-for-sale securities ........    2,058,551    2,043,959

Trade accounts receivable less allowance
for doubtful accounts of $27,210 ....................      694,770      757,665

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

Inventories - Note 3 ................................    2,629,184    2,413,123

Prepaid expenses and deposits .......................      244,781      247,391

Deferred tax assets .................................       74,000       74,000
                                                        -----------  -----------
     TOTAL CURRENT ASSETS ...........................    7,040,740    6,648,954

FIXED ASSETS

Furniture and office equipment ......................      201,314      184,002

Equipment and tooling ...............................      512,887      481,768
                                                         ----------   ----------

     Fixed assets, at cost ..........................      714,201      665,770

Less accumulated depreciation and amortization ......      545,085      530,935
                                                        -----------   ----------

     NET FIXED ASSETS ...............................      169,116      134,835

Note receivable from stockholder ....................       70,000       70,000

Deferred tax assets .................................       78,000       78,000

Other assets ........................................        4,900        4,900
                                                        -----------   ----------

     TOTAL ASSETS ...................................  $ 7,362,756   $6,936,689
                                                        ===========  ===========

                        See Notes to Financial Statements

                                       2


<PAGE>

                                                            BALANCE SHEET

                                                     January 31     October 31
                                                       2000            1999
                                                    ------------   ------------
                                                    (Unaudited)      (Audited)

LIABILITIES AND
STOCKHOLDERS' EQUITY
--------------------------------------

Accounts payable .................................   $   182,149    $    88,496

Accrued expenses .................................       445,121        357,843
                                                      -----------    -----------
     TOTAL CURRENT LIABILITIES ...................       627,270        446,339


STOCKHOLDERS' EQUITY

Common Stock - $.01 par value
  Authorized - 10,000,000 shares
  Issued & outstanding 3,148,648 shares ..........        31,486         31,486

Additional paid-in capital .......................     4,400,868      4,400,868

Retained earnings ................................     2,569,974      2,348,351

Unearned compensation ............................      (188,088)      (211,602)

Receivables from sale of stock ...................       (25,900)       (25,900)

Treasury stock, at cost - 29,400 shares ..........       (52,854)       (52,853)
                                                      -----------    -----------
     TOTAL STOCKHOLDERS' EQUITY ..................     6,735,486      6,490,350
                                                      -----------    -----------

      TOTAL LIABILITIES &
        STOCKHOLDERS' EQUITY .....................   $ 7,362,756    $ 6,936,689
                                                      ===========    ===========


                        See Notes to Financial Statements


                                       3

<PAGE>




Item 1:    Financial Statements   (continued)



                                                       STATEMENTS OF OPERATIONS
                                                            (Unaudited)
                                                          Three Months Ended
                                                             January 31
                                                      -------------------------
                                                         2000           1999
                                                      ----------     ----------

Net sales ........................................   $ 1,760,526    $ 1,330,798

Cost of Sales ....................................       845,255        661,605
                                                      -----------    -----------
   Gross profit ..................................       915,271        669,193

Operating expenses:

   Engineering ...................................        65,481         65,593

   Selling and general ...........................       508,726        411,820
                                                      -----------    -----------

       Total .....................................       574,207        477,413
                                                      -----------    -----------

   Income from operations ........................       341,064        191,780

Interest income, net .............................        30,559         31,448
                                                      -----------    -----------

    Income before provision for income tax .......       371,623        223,228

    Provision for income tax .....................      (150,000)       (89,000)
                                                      -----------    -----------

        Net income ...............................   $   221,623    $   134,228
                                                      ===========    ===========

Per share data:

        Basic earnings per share .................   $      0.07    $      0.04
                                                      ===========    ===========

        Diluted earnings per share ...............   $      0.06    $      0.04
                                                      ===========    ===========

Diluted shares outstanding .......................     3,707,526      3,603,081
                                                      ===========    ===========





                       See Notes to Financial Statements

                                       4

<PAGE>

Item 1: Financial Statements (continued)










                                                      STATEMENTS OF CASH FLOWS
                                                             (Unaudited)
                                                         Three months ended
                                                             January 31
                                                  ------------------------------
                                                        2000              1999
                                                  ------------------------------


OPERATING ACTIVITIES

Net income..........................................  $ 371,622       $ 134,228

Adjustments to reconcile net income
to net cash provided by operations

   Depreciation and amortization ...................     14,150          12,903
   Amortization of unearned compensation............     23,514          33,378
   Change in assets - (incr) decr:

  Accounts receivable - trade ......................     62,895          23,519
  Inventories.......................................   (216,061)         82,135
  Other assets......................................      2,610          40,504
Change in liabilities - incr (decr):
  Accounts payable..................................     99,379         (64,881)
  Accrued expenses..................................    (68,448)       (157,834)
                                                     ----------       ----------
Net cash provided by operating activities...........    289,661         103,952
                                                     ----------       ----------
INVESTING ACTIVITIES
  Purchase of available-for-sale securities.........          0         (16,847)
  Capital expenditures..............................    (48,431)         (5,125
                                                     ----------       ----------
Net cash used in investing activities...............    (48,431)        (21,972)
                                                     ----------       ----------
Net increase in cash
   and cash equivalents.............................    241,230          81,980
Cash and cash equivalents at the
   beginning of the period.........................   3,144,775       1,209,143
                                                     ----------      -----------
Cash and cash equivalents at
   the end of period..............................  $ 3,386,005     $ 1,291,123
                                                     ==========     ============


                       See Notes to Financial Statements

                                       5

<PAGE>





NOTES TO FINANCIAL STATEMENTS

Note 1 - Management's opinion

                  In the  opinion  of  management,  the  accompanying  financial
       statements  contain all  adjustments  necessary to present the  financial
       position of RF Industries, Ltd. as of January 31, 2000 and the results of
       operations for the three month period ended January 31, 2000 and 1999.

Note 2 - Interim reporting

       The results of operation  for the three month  period  ended  January 31,
       2000  and  1999  are not  necessarily  indicative  of the  results  to be
       expected for the remainder of the year.

Note 3 - Components of inventory

                                                      January 31, 2000
                                                     ------------------
                                                         (Unaudited)

              Raw material and supplies................   $  394,078

              Finished goods...........................    2,235,106
                                                         ------------
                      TOTAL...........................   $ 2,629,184



Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS

THREE MONTHS 2000 VS. THREE MONTHS 1999

Net sales  increased  32.2%,  or $429,728,  to $1,760,526 from $1,330,798 in the
first three  months of fiscal  2000.  RF  Connectors  sales  increased  53.7% to
$1,614,266,  from the same period last year,  due to cable assembly  sales,  new
products and new distributors.  RF Neulink sales were $146,260,  down 48.9% from
the same period last year.  This decrease can be  attributed  to some  customers
delaying their delivery dates.

Cost of sales increased 27.7%, or $183,651,  to $845,256 from $661,606 last year
and as a  percentage  of  sales  decreased  to 48% from  49.7%  last  year.  The
improvement in gross margin is attributable to the sales increase.

Engineering expenses decreased $112, to $65,481 from $65,593 last year.

Selling and  general  expenses  increased  23.5% or  $96,906,  to $508,726  from
$411,820 last year. The increase is due to increased  travel,  co-op advertising
and  insurance  expenses.  As a percent  of sales,  selling  and  administrative
expenses declined to 28.9% from 30.9% due to the increase in sales.

Net interest income decreased $889 to $30,559 from $31,448 .

The provision for income taxes increased $61,000 due to the Company's  increased
profitability.

                                       6

<PAGE>

MATERIAL CHANGES IN FINANCIAL CONDITION:

Cash  increased  $226,638 to $1,327,454  compared to the October 31, 1999 fiscal
year balance of $1,100,816.  Cash and  investments are $3,386,005 at January 31,
2000.

Trade accounts receivable decreased $62,985, or 8.3% to $694,770 compared to the
October 31, 1999  balance of $757,665,  and  decreased to 39.4% of sales for the
quarter. This decrease is due to increased collection efforts.

Inventories increased $216,061 compared to the October 31, 1999 inventory level.
This increase is in balance with the current demand.

Prepaid  expenses  and  deposits  decreased  $2,610 from October 31, 1999 due to
fewer deposits on inventory.

YEAR 2000 ISSUE

The Year 2000 issue is the result of computer  programs using only two digits to
identify a year within date fields. Date-sensitive software may recognize a date
using "00" as year 1900 rather than the year 2000. Such an error could result in
a system failure causing disruptions of operations. The Company is assessing the
readiness of its  significant  suppliers  and large  customers to determine  the
extent to which the Company is  vulnerable  to those third  parties'  failure to
remediate their own Year 2000 issues. The Company has updated equipment and does
not expect any problems resulting from the Year 2000 issue.  However,  there can
be no guarantee that the systems of other companies will be timely converted, or
that a failure to convert by another company would not have a material effect on
the Company. The Company has determined that it has no exposure to contingencies
related to the Year 2000 issue for the products it has sold.

PART II.   OTHER INFORMATION


        Items 1-4:     Not applicable

        Item 5:        Information required in lieu of Form 8-K

                       None.

        Item 6:        Exhibits and Reports on 8-K

                       (a)      None required

                       (b)      Reports on Form 8-K

                                No reports on Form 8-K were filed during  fiscal
                                quarter ended January 31, 2000.






                                       7
<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: March 15, 2000                  By:  /s/   Howard F. Hill
                                         -------------------------------------
                                           Howard F. Hill, President
                                           Chief Executive Officer


Dated: March 15, 2000                  By:  /s/   Terrie A. Gross
                                         -------------------------------------
                                           Terrie A. Gross
                                           Chief Financial Officer