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 April 30, 1998
                         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)

                        (619) 549-6340 FAX (619) 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 April 30, 1998, the registrant had 3,068,598 shares of Common Stock,  $.01
par value, issued and outstanding.

                                                     

<PAGE>



Part I.   FINANCIAL INFORMATION


Item 1:    Financial Statements

                                                              BALANCE SHEET


                                                         April 30     October 31
                                                           1998          1997
                                                        ----------    ----------
                                                        (Unaudited)    (Audited)
      ASSETS                                                        
----------------------                                              

CURRENT ASSETS

Cash ................................................   $1,008,577   $  877,587

Investments in available-for-sale securities ........    1,091,333      642,799

Trade accounts receivable less allowance
for doubtful accounts of $31,326 ....................      946,791      765,433

Inventories - Note 3 ................................    2,268,986    2,251,582

Prepaid expenses and deposits .......................      273,566      293,218

Deferred tax assets .................................       42,000       42,000

Note receivable from stockholder ....................       70,000       70,000
                                                         ----------   ----------
     TOTAL CURRENT ASSETS ...........................    5,701,253    4,942,619

FIXED ASSETS

Furniture and office equipment ......................      116,196      108,206

Equipment and tooling ...............................      479,666      436,361
                                                         ----------   ----------
     Fixed assets, at cost ..........................      595,862      544,567

Less accumulated depreciation and amortization ......      444,412      425,427
                                                         ----------   ----------

     NET FIXED ASSETS ...............................      151,450      119,140

Deferred tax assets .................................       89,000       89,000

Other assets ........................................        4,900        4,900
                                                         ----------   ----------
     TOTAL ASSETS ...................................   $5,946,603   $5,155,659
                                                         ==========   ==========


                        See Notes to Financial Statements

<PAGE>

                                                             BALANCE SHEET


                                                         April 30     October 31
                                                           1998          1997
                                                        ----------    ----------
                                                        (Unaudited)    (Audited)
LIABILITIES AND
STOCKHOLERS' EQUITY
---------------------------------------

CURRENT LIABILITIES

Accounts payable .................................   $   171,207    $   154,256

Accrued expenses .................................       538,887        295,387
                                                      -----------    -----------
     TOTAL CURRENT LIABILITIES ...................       710,094        449,643


STOCKHOLDERS' EQUITY

Common Stock - $.01 par value
  Authorized - 10,000,000 shares
  Issued & outstanding 3,068,598 shares ..........        30,686         30,646

Capital paid in excess of par value ..............     4,372,968      4,803,366

Retained earnings ................................     1,231,394        767,451

Unearned compensation ............................      (398,539)      (895,447)
                                                      -----------    -----------

     TOTAL STOCKHOLDERS' EQUITY ..................     5,236,509      4,706,016
                                                      -----------    -----------

      TOTAL LIABILITIES &
        STOCKHOLDERS' EQUITY .....................   $ 5,946,603    $ 5,155,659
                                                      ===========    ===========




                        See Notes to Financial Statements


                                        2

<PAGE>





                                            STATEMENTS OF OPERATIONS

                                      (Unaudited)               (Unaudited)
                                  Three Months Ended          Six Months Ended 
                                       April 30                   April 30  
                                ---------------------     ---------------------
                                  1998         1997         1998         1997 
                                --------     --------     --------     --------

Net Sales ..................   $1,865,603   $1,750,831   $3,315,990   $3,678,928

Cost of Sales ..............      914,730    1,050,880    1,620,357    2,121,312
                               ----------   ----------   ----------   ----------
     Gross Profit ..........      950,873      699,951    1,695,633    1,557,616
                               ----------   ----------   ----------   ----------

Operating expenses:

     Engineering ...........       57,911      109,767      245,626      221,595

     Selling and general ...      368,142      458,039      721,426      795,081
                               ----------   ----------   ----------   ----------
       Total ...............      426,053      567,806      967,052    1,016,676
                               ----------   ----------   ----------   ----------
     Operating income ......      524,820      132,145      728,581      540,940

Interest income ............       24,122       16,026       47,362       30,700
                               ----------   ----------   ----------   ----------
Income before provision
for income tax .............      548,942      148,171      775,943      571,640
Provision for state & federal
income tax .................      221,000       45,000      312,000      228,000
                               ----------   ----------   ----------   ----------
     Net income ............   $  327,942   $  103,171   $  463,943   $  343,640
                               ==========   ==========   ==========   ==========
Per share data:

     Net income ............   $     0.10   $     0.03   $     0.14   $     0.11
                               ==========   ==========   ==========   ==========
Weighted average common
and common equivalent shares
outstanding ................    3,406,538    3,163,291    3,400,604    3,125,872
                               ==========   ==========   ==========   ==========


                        See Notes to Financial Statements


<PAGE>


                                                       STATEMENTS OF CASH FLOWS


                                                              (Unaudited)
                                                            Six Months Ended
                                                                April 30
                                                        -----------------------
                                                          1998           1997
                                                        --------       --------

Net income ..........................................  $ 463,943      $ 343,640

Adjustments to reconcile net income
to net cash (used in) provided by operations

  Depreciation and amortization .....................     18,985         19,142
  Amortization of unearned compensation .............   ( 66,150)       109,677
  Change in assets - (incr) decr:

      Accounts receivable - trade ...................   (181,358)       (57,624)
      Inventories ..................................     (17,404)       (97,362)
      Other assets .................................      19,652       (236,618)
  Change in liabilities - incr (decr):
      Accounts payable .............................      16,951        178,723
      Accrued expenses .............................     243,500        125,440
                                                     -----------     -----------
      Net cash (used in) provided by
         operating activities ......................     630,419        385,018
                                                     -----------     -----------
INVESTING ACTIVITIES
     Purchase of available-for-sale securities .....    (448,534)       (18,861)
     Capital expenditures ..........................     (51,295)       (23,959)
                                                      -----------    -----------

Net cash provided by (used in)
  operating activities .............................    (499,829)       (42,820)
                                                      -----------    -----------

FINANCING ACTIVITIES
     Proceeds from sale of common stock ............           0         20,000
     Proceeds from exercise of common stock options          400         69,350
                                                      -----------    -----------
     Net cash provided by financing activities .....         400         89,350
                                                      -----------    -----------
 Net (decrease) increase in cash
    and cash equivalents ...........................     130,990        431,548
 Cash and cash equivalents at the 
    beginning of the period ........................     877,587        403,547
                                                      -----------    -----------
 Cash and cash equivalents at the end of period .... $ 1,008,577      $ 835,095
                                                      ===========    ===========



                        See Notes to Financial Statements


                                        3

<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 April 30, 1998 and the results of operations
         for the three  month and six month  periods  ended  April 30,  1998 and
         1997.

Note 2 - Interim reporting

         The  results of  operation  for the three  month and six month  periods
         ended April 30,  1998 and 1997 are not  necessarily  indicative  of the
         results to be expected for the remainder of the year.

Note 3 - Components of Inventory


                                               April 30, 1998
                                          ---------------------
                                               (Unaudited)

        Raw material and supplies...........   $  276,813

        Finished goods .....................    1,992,173
                                                ----------
               TOTAL .......................   $2,268,986














                                        4

<PAGE>



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

Three Months 1998 vs. Three Months 1997

Sales  increased 7%, or $114,772,  to $1,865,603  from  $1,750,831 in the second
quarter  of  fiscal  1998.  Sales at RF  Connector  increased  5% to  $1,384,342
compared  to  $1,317,384  for the same  quarter  last  year.  Sales  at  Neulink
increased 8% to $481,261 compared to $443,447 last year.

Cost of sales  decreased 13%, or $136,150,  to $914,730 from $1,050,880 and as a
percentage  of sales  declined  to 49% of sales from 60% last  year.  The higher
margin on sales is attributable to an improved product mix during the quarter.

Engineering  expenses  decreased 47%, or $51,856,  to $57,911 from $109,767 last
year and  declined,  as a percent  of sales,  to 3% from 6% of sales  last year.
Engineering  expenses were higher last year due to the  development of the large
connector product line.

Selling and  general  expenses  decreased  20%, or  $89,8970,  to $368,142  from
$458,039 last year, and decreased,  as a percent of sales,  to 20% from 26% last
year.  Selling and general  expenses  were higher last year to support  start-up
costs  associated  with the training of sales staff at a number of the Company's
major new distributors.

Interest  income  increased  $8,096 to $24,122 from $16,026 last year due to the
company's  higher  average cash balances and an increase in the rate of interest
received.


Six Months 1998 vs. Six Months 1997

Net sales  decreased  9.8%, or $362,938,  to $3,315,990  from  $3,678,928 in the
first six months of fiscal 1998. RF Connectors  sales increased 2% to $2,566,784
from $2,519,314 in the same period last year. Connectors' sales in the first six
months  of fiscal  1997  benefitted  from  record  sales in the  first  quarter,
typically the Company's seasonally weakest period.  Neulink sales were $749,206,
down 35% from the same period last year. Neulink's sales in the first six months
last year  were  significantly  higher  due to  initial  shipments  of  wireless
receivers for the nation's new Emergency Alert System.

Cost of sales decreased  23.6%, or $500,955,  to $1,620,357 from $2,121,312 last
year and as a  percentage  of sales  decreased  to 49% from 58% last  year.  The
decline in cost of sales is due to an improved product mix.

Engineering expenses increased 10.8%, or $24,031, to $245,626 from $221,595 last
year.  These expenses vary  considerable  depending upon the  development of new
Connector or wireless products.

Selling and general  expenses  decreased  9.2%,  or  $73,655,  to $721,426  from
$795,081.  Selling  and  general  expenses  remained  at 22% of  sales  for both
periods.

Interest income  increased  $16,658 to $47,362 from $30,700 due to the company's
higher average cash balances and an increase in the rate of interest received.

The  provision  for income taxes  increased  $84,000 due to higher net earnings,
which resulted in a blended tax rate of 40% for the six month period.

                                        5

<PAGE>



MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
  RESULTS OF OPERATIONS (continued)


Material changes in financial condition:

Cash  increased  $130,990 to $1,008,577  compared to the October 31, 1997 fiscal
year balance of $877,587.  Cash and cash equivalents are $2,099,910 at April 30,
1998, compared to $1,520,000 at October 31, 1997.

Trade accounts receivable increased $181,358, or 24% to $946,791 compared to the
October 31, 1997 balance of $765,433.  The increase is due to higher 2nd quarter
shipments.

Inventories  increased  $17,404 compared to the October 31, 1997 inventory level
as a result of purchases to meet higher customer demand.

Prepaid expenses and deposits decreased $19,652 from October 31, 1997.



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 April 30, 1998.




                                        6

<PAGE>





                                   SIGNATURES



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




                                            RF INDUSTRIES, LTD.



Dated:       June 11, 1998            By: /s/    Howard F. Hill
                                         -----------------------------------
                                         Howard F. Hill, President
                                         Chief Executive Officer


Dated:       June 11, 1998            By: /s/    Terrie A. Gross
                                         -----------------------------------
                                         Terrie A. Gross
                                         Chief Financial Officer