About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT's field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.
For more information, please visit our website: http://www.rittech.com
Safe Harbor StatementIn this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words " believe, " " anticipate, " " expect, " " plan, " " intend, " " estimate", "forecast", " target " , " could " and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading " Risk Factors " in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel . We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
RiT Technologies Ltd. STATEMENTS OF OPERATIONS (U.S GAAP) (U.S dollars in thousands, except per share data) For the three For the six months ended months ended June 30, June 30, (Unaudited) (Unaudited) 2011 2010 2011 2010 Sales 3,464 3,303 6,659 5,865 Cost of sales 1,898 1,812 3,697 3,174 Gross profit 1,566 1,491 2,962 2,691 Operating costs and expenses: Research and development, net 456 442 877 999 Sales and marketing 1,429 1,123 2,846 2,240 General and administrative 430 437 962 942 Total operating expenses 2,315 2,002 4,685 4,181 Operating Loss (749) (511) (1,723) (1,490) Financial income (loss), net (5) (40) 3 (56) Net Income (Loss) (754) (551) (1,720) (1,546) Basic and Diluted net Loss per ordinary share (0.17) (0.19) (0.41) (0.56) Weighted average number of ordinary shares, used to compute basic and diluted net loss per ordinary share 4,386,723 2,912,171 4,180,240 2,758,299
RiT TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEETS (U.S GAAP) (U.S dollars in thousands) June 30, 2011 December 31, 2010 (Unaudited) (Audited) Assets Current Assets Cash and cash equivalents 904 1,391 Trade receivables, net 3,593 3,000 Other current assets 616 259 Inventories 3,615 3,310 Total Current Assets 8,728 7,960 Long term Assets Assets held for severance benefits 844 1,204 844 1,204 Property and Equipment Cost 3,359 3,298 Less - accumulated depreciation 3,107 3,038 252 260 Total Assets 9,824 9,424 Liabilities and Shareholders' Equity Current Liabilities Trade payables 2,727 2,391 Other payables and accrued expenses 1,306 1,206 Total Current Liabilities 4,033 3,597 Other Liabilities Convertible Loan from principal shareholder 1,313 1,519 Liability in respect of employees' severance benefits 956 1,377 2,269 2,896 Total Liabilities 6,302 6,493 Shareholders' Equity Share capital 1,364 892 Treasury stock (27) (27) Additional paid-in capital 41,682 39,842 Accumulated deficit (39,497) (37,776) Total Shareholders' Equity 3,522 2,931 Total Liabilities and Shareholders' Equity 9,824 9,424SOURCE RiT Technologies Ltd