RF INDUSTRIES,
      LTD.
                      For Immediate ReleaseRF
      Connectors/Aviel/Worswick/Neulink/Bioconnect/RadioMobileInvestor
      Contact:
                        Neil
      Berkman Associates
                        (310)
      826 - 5051
                        info@berkmanassociates.com
                      
                      Company
      Contact:
                        Howard
      Hill, President
                        (858)
      549-6340
                        rfi@rfindustries.com





RF
Industries Reports First Quarter Results





Operating Income Increases
55% on an 8% Sales Decline


Net Income is $0.05 per
share vs $0.05 per share





SAN DIEGO, CA, March 11, 2010
.. . . RF INDUSTRIES, LTD.
(NASDAQ:RFIL) today announced that sales for the first quarter ended
January 31, 2010 declined 8% to $3,313,000, compared to $3,583,000 in the same
quarter last year.  Operating income increased to $218,000 compared
$141,000 in the first quarter last year and net income was $143,000, or $0.05
per diluted share, compared to net income of $162,000, or $0.05 per diluted
share, in  the first quarter last year.


"RFI's
improved first quarter profitability benefitted from reductions in general and
administrative expenses and higher gross margins for both RF Connector and Cable
Assembly and the Bioconnect Divisions.  Although the first quarter is
typically the Company's seasonally weakest period, operating income increased
55% and RFI continues to benefit from policies instituted last year to lower
operating costs and improve productivity.  With our second quarter off
to a good start, we are hopeful that wireless industry spending will continue to
accelerate throughout the remainder of the year," said Howard Hill, RFI's
president and CEO.





First
Quarter Review


Total
sales of $3,313,000 were down 8% from $3,583,00 in the first quarter last
year.  The improvement in gross margin to 49% of sales from 46% of
sales in the comparable quarter last year, combined with a decline in operating
expenses, resulted in a 55% increase in operating income to $218,000 compared to
$141,000 in the same quarter last year.  Reduced interest income,
combined with a higher, normalized tax rate of 41%, produced net income of
$143,000, or $0.05 per diluted share, compared to $162,000, or $0.05 per share,
in the first quarter last year.


Sales at
the RF Connector and Cable Assembly division declined 7% to $2,902,000 compared
to $3,128,000 in the first quarter last year.  Strong cable assembly
sales improved the product mix, raising gross margin to 52% of sales, compared
to 50% of sales in the first quarter last year.  Reduced selling and
general expenses further contributed to a 14% increase in operating income to
$343,000, compared to $300,000 in the first quarter last year.


Bioconnect
sales jumped 31% to $358,000, compared to $273,000 the first quarter last year,
raising gross margin to 32% of sales from only 10% of sales in the same quarter
last year.  Bioconnect's operating income was $48,000, or 14% of
sales, compared to a loss of $16,000 in the first quarter last
year.





(more)




7610
Miramar Road, San Diego, CA  92126-4202  ●  (858)
549-6340  ●  (800) 233-1728  ●  FAX
(858) 549-6345 E-mail:
rfi@rfindustries.com  ●  Internet:
www.rfindustries.com


RF
Industries Reports First Quarter Results


March 11,
2010


Page
Two





RF
Wireless Division sales were $53,000, compared to $181,000 in the first quarter
last year.  The operating loss was $173,000 compared to a loss of
$143,000 in the first quarter last year.


"Our RF
Wireless segment continues to be affected by the downturn in capital goods
expenditures for wireless infrastructure and private
networks.  However, RF Neulink recently finished FCC qualifying and is
commencing sales of its NL900S wireless
highs-speed Ethernet Transceiver, a Software Defined Radio incorporating field
programmable gate array (FPGA) technology to enable wireless hardware and
software upgrades in any environment.  The transceiver's sophisticated
error correction enables wireless Wide Area Networking in mobile or stationary
applications at speeds up to 500 kbs, supporting VoIP, data and streaming video
transmission exceeding 5 miles.  We are encouraged by strong interest
in this product from industrial, public services and private wireless networks,"
said Robert White, Director of
the RF Neulink Division.


As of
January 31, 2010, RFI reported cash and cash equivalents of $1,196,000 and
certificates of deposits of $6,674,000 for a total of $7,871,000 in liquid and
short-term near-liquid resources, working capital of $15,012,000, a 16 to 1
current ratio, no long-term debt and stockholders' equity of $15,479,000, or
$5.43 per share.





About
RF Industries


RF
Industries conducts operations through six related divisions.  The
RF Connectors
and Cable Assembly segment designs and distributes radio frequency (RF) coaxial
connectors and cable assemblies used for Wi-Fi, PCS, radio, test instruments,
computer networks and antenna devices.  This business segment includes
Aviel
Electronics, which provides custom microwave and RF Connector solutions to
aerospace, OEM and Government agencies and Worswick, which
provides coaxial connectors and cable assemblies primarily to retail and local
multi-media and communications systems customers.  Bioconnect,
constituting the Medical Cabling and Interconnector segment, designs,
manufactures and distributes specialized electrical cabling and interconnect
products to the medical monitoring market.  The RF Wireless segment
includes Neulink, which
designs and markets wireless digital data transmission products for industrial
monitoring, wide area networks, GPS tracking and locations systems and RadioMobile, an OEM
provider of end-to-end mobile wireless network solutions for public safety,
emergency medical, transportation and industrial customers.





Safe
Harbor Statements under the Private Securities Litigation Reform Act of
1995.


The
statements contained in this release which are not historical facts may be
deemed to contain forward-looking statements with respect to future events, the
occurrence of which involve risks and uncertainties, including, without
limitation, increased competition, and other uncertainties detailed in the
Company's Securities and Exchange Commission filings.  All
forward-looking statements are based upon information available to the Company
on the date they are published and the Company undertakes no obligation to
publicly update or revise any forward- looking statements to reflect events or
new information after the date of this release.





(tables
attached)


#471x








RF INDUSTRIES, LTD.


CONDENSED STATEMENTS OF INCOME


(UNAUDITED)




Three Months EndedJanuary 31,2010
                
                
                2009Net sales
                
                $
                3,313
                
                
                $
                3,583Cost of sales
                
                
                1,683
                
                
                
                1,937Gross profit
                
                
                1,630
                
                
                
                1,646Operating expenses:Engineering
                
                
                194
                
                
                
                256Selling and general
                
                
                1,218
                
                
                
                1,249Total operating expenses
                
                
                1,412
                
                
                
                1,505Operating income
                
                
                218
                
                
                
                141Interest income
                
                
                26
                
                
                
                82Income before taxes
                
                
                244
                
                
                
                223Provision for income taxes
                
                
                101
                
                
                
                61Net income
                
                $
                143
                
                
                $
                162Earnings per share:Basic
                
                $
                0.05
                
                
                $
                0.05Diluted
                
                $
                0.05
                
                
                $
                0.05Weighted average shares outstandingBasic
                
                
                2,848,773
                
                
                
                3,122,700Diluted
                
                
                3,179,413
                
                
                
                3,447,665








RF INDUSTRIES, LTD.


CONDENSED BALANCE SHEETS


(in thousands, except per share and share amounts)




January 31,
                        
                        
                        October 31,2010
                        
                        
                        2009ASSETSCURRENT ASSETS:Cash and cash equivalents
                        
                        $
                        1,196
                        
                        
                        $
                        1,226Investments in available-for-sale securities
                        
                        
                        6,674
                        
                        
                        
                        6,477Trade accounts receivable, net
                        
                        
                        1,986
                        
                        
                        
                        2,263Inventories
                        
                        
                        5,192
                        
                        
                        
                        4,985Other current assets
                        
                        
                        513
                        
                        
                        
                        341Deferred tax assets
                        
                        
                        478
                        
                        
                        
                        478TOTAL CURRENT ASSETS
                        
                        
                        16,039
                        
                        
                        
                        15,770Property and equipment, net
                        
                        
                        599
                        
                        
                        
                        566Goodwill
                        
                        
                        137
                        
                        
                        
                        137Amortizable intangible assets, net
                        
                        
                        20
                        
                        
                        
                        27Note receivable from stockholder
                        
                        
                        67
                        
                        
                        
                        67Other assets
                        
                        
                        31
                        
                        
                        
                        31TOTAL ASSETS
                        
                        $
                        16,893
                        
                        
                        $
                        16,598LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Accounts payable
                        
                        $
                        297
                        
                        
                        $
                        225Accrued expenses
                        
                        
                        643
                        
                        
                        
                        673Income taxes payable
                        
                        
                        86
                        
                        
                        
                        75TOTAL CURRENT LIABILITIES
                        
                        
                        1,026
                        
                        
                        
                        973Deferred tax liabilities
                        
                        
                        51
                        
                        
                        
                        51Other long-term liabilities
                        
                        
                        337
                        
                        
                        
                        321TOTAL LIABILITIES
                        
                        
                        1,414
                        
                        
                        
                        1,345COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' EQUITY:Common
      stock - authorized 10,000,000 shares of $0.01 par value; 2,850,928 and
      2,848,313 shares issued and outstanding
                        
                        
                        29
                        
                        
                        
                        28Additional paid-in capital
                        
                        
                        6,584
                        
                        
                        
                        6,502Retained earnings
                        
                        
                        8,866
                        
                        
                        
                        8,723TOTAL STOCKHOLDERS' EQUITY
                        
                        
                        15,479
                        
                        
                        
                        15,253TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
                        
                        $
                        16,893
                        
                        
                        $
                        16,598