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RiT Technologies Delivers Continued Sales Growth In Q2 2011

Stocks in this article: RITT

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 Statement

In 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                  9,424

SOURCE RiT Technologies Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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