TEL AVIV, Israel
October 26, 2011
- Q3 Revenues Up 38% Compared YOY with Q3 2010 -
- 9-Month Revenues Up 21% Compared with 2010 -
RiT Technologies (NASDAQ: RITT)
today announced its financial results for the third quarter and nine months ended
September 30, 2011
Revenues for the third quarter of 2011 were
, up 38% compared year-over-year with
recorded in the third quarter of 2010, and up 7% compared sequentially with
recorded in the second quarter of 2011. Net loss for the quarter was
per share on a basic and diluted basis), up 1% compared with
per share on a basic and diluted basis) for the third quarter of 2010, and up 13% compared with
per share on a basic and diluted basis) for the second quarter of 2011.
For the nine-month period, revenues were
, up 21% compared with
in the nine-months of 2010. Net loss for the nine-months totaled
per share on a basic and diluted basis) compared with
per share on a basic and diluted basis) for the nine-months of 2010.
Comments of Management
Commenting on the results, Mr. Eran Ayzik, RiT's President and CEO, said, "Our third quarter results reflect continued strong momentum in the areas of product development, partnership building and marketing & sales, all of which are creating a solid platform for future growth. Our efforts to broaden our sales and marketing activities are raising RiT's exposure in emerging markets and enabling us to better serve our customers. This was highlighted during the quarter by our opening of a second sales office in
. And we intend to duplicate this effort in other high growth, emerging regions.
"Parallel to our marketing activities, we continue to develop our product portfolio, improve our supply chain and deepen our strategic partnerships in order to well-position the Company for further growth."