RF Monolithics Inc., a supplier of wireless connectivity components for automotive and other applications, recorded net income of $221,000 ($0.03 per share) on sales of $11.3 million for its second quarter, ended Feb. 28. A year ago it reported net income of $484,000 ($0.06 per share), with sales also at $11.3 million.
Net income for the six months ended Feb. 28 was $628,000 ($0.08 per share) on sales of $23.4 million, compared to net income of $885,000 ($0.11 per share) on sales of $22.4 million.
President and chief executive officer David M. Kirk attributed the drop in net income to the firm’s decision to invest more heavily in research and development. "Unfortunately, the strength of demand we saw coming into this fiscal year appears to have slowed considerably in several of the wireless component markets we serve, resulting in sales that were softer this quarter than last quarter.” He added that the company improved its gross profit margins and reported positive operating cash flow.