TEL AVIV, Israel, April 30, 2012 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT) today announced its financial results for the fourth quarter and twelve months ended December 31, 2011.
Revenues for the fourth quarter of 2011 were $3.4 million, up 18% compared year-over-year with $2.8 million recorded in the fourth quarter of 2010, and down 9% compared sequentially with $3.7 million recorded in the third quarter of 2011.
Net loss for the quarter was $1.3 million ( $0.28 per share on a basic and diluted basis) compared with $1.1 million ( $0.28 per share on a basic and diluted basis) for the fourth quarter of 2010 and $854 thousand ( $0.19 per share on a basic and diluted basis) for the third quarter of 2011.For the twelve-month period, revenues increased by 20% to $13.7 million from $11.4 million in 2010. Net loss for the year was $3.9 million ( $0.88 per share on a basic and diluted basis) compared with $3.5 million ( $1.10 per share on a basic and diluted basis) for 2010. The results for the twelve-month period included a non-cash share-based compensation expense of $502 thousand, while the results of 2010 included a non-cash share-based compensation expense of $12 thousand. Comments of Management Commenting on the results, Dr. Vadim Leiderman, RiT's President and CEO, said, "The fourth quarter was a period of increasing sales on a year-over-year basis together with the recruitment of qualified new sales personnel in our key territories. After the quarter, we launched our unique new CenterMind™ Data Center Infrastructure Management (DCIM) solution, a product that we believe will position us to succeed in the fast-growing data center market. Our Board of Directors has recently strengthened the Company's management team and given it the task of forming a new strategy for building the business to a whole new level in the years ahead. We are currently finalizing the new strategy and expect to begin its execution in the near term." About RiT Technologies