This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

RiT Technologies Reports Q4 And 2011 Fiscal Year Results

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

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs