TEL AVIV, Israel, July 28, 2011 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT) today announced its financial results for the second quarter and six months ended June 30, 2011.
Revenues for the second quarter of 2011 were $3.5 million, up 5% compared year-over-year with $3.3 million recorded in the second quarter of 2010, and up 8% compared sequentially with $3.2 million recorded in the first quarter of 2011. Net loss for the quarter was $754 thousand ( $0.17 per share on a basic and diluted basis), up 37% compared with $551 thousand ( $0.19 per share on a basic and diluted basis) for the second quarter of 2010, but down 22% compared with $966 thousand ( $0.24 per share on a basic and diluted basis) for the first quarter of 2011.For the six-month period, revenues were $6.7 million, up 14% compared with $5.9 million in the first half of 2010. Net loss for the first half totaled $1.7 million ( $0.41 per share on a basic and diluted basis) compared with $1.6 million ( $0.56 per share on a basic and diluted basis) for the first six months of 2010. Comments of Management Commenting on the results, Mr. Eran Ayzik, RiT's President and CEO, said, "The second quarter was a period of intensive, fruitful activity in the areas of marketing, partnership building and product development, all of which are helping us build out RiT's platform for future growth. During the last six months, we have increased our sales and marketing efforts and improved our supply chain significantly with the goal of better supporting our customers. We believe that the development of the right new products, targeted sales and marketing activities, support capabilities and strategic partnerships are positioning us favorably, and that they will pay off over time in terms of increased sales and profits."