RF Industries completes Microlab acquisition for $24.25M; reports audited 2021 revenue of $17.8M

R F INDUSTRIES LTD

Purchase price $24.25M for 100% of Microlab from Wireless Telecom Group; closed March 1, 2022.
Microlab 2021 audited financials: net revenue $17.76M, net income $158K, total assets $22.61M.
Microlab's 2021 gross profit $7.50M (42.2% margin); operating income $173K.
Pro forma condensed combined financials filed for fiscal year ended Oct 31, 2021, assuming acquisition occurred Nov 1, 2020.
One customer accounted for 15.4% of Microlab's 2021 revenue; two customers each >13% of receivables.

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