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TheStreet Open House

RiT Technologies Delivers Continued Sales Growth In Q3 2011

TEL AVIV, Israel, October 26, 2011 /PRNewswire/ --

 

- 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 $3.7 million, up 38% compared year-over-year with $2.7 million recorded in the third quarter of 2010, and up 7% compared sequentially with $3.5 million recorded in the second quarter of 2011. Net loss for the quarter was $854 thousand ( $0.19 per share on a basic and diluted basis), up 1% compared with $843 thousand ( $0.26 per share on a basic and diluted basis) for the third quarter of 2010, and up 13% compared with $754 thousand ( $0.17 per share on a basic and diluted basis) for the second quarter of 2011.

For the nine-month period, revenues were $10.4 million, up 21% compared with $8.6 million in the nine-months of 2010. Net loss for the nine-months totaled $2.6 million ( $0.6 per share on a basic and diluted basis) compared with $2.4 million ( $0.82 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 China. 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."

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