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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

Stock quotes in this article: RITT 

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