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RiT Technologies Reports Q4 And 2011 Fiscal Year Results

RiT is a leading provider of comprehensive management solutions for today's mission-critical data centers and communication rooms. Through the deployment of RiT's integrated DCIM (data center infrastructure management), IIM (intelligent infrastructure management), SMART Cabling™ and EPV™ real-time infrastructure management solutions, companies enhance both CAPEX and OPEX, increase their efficiency and improve their automated processes. RiT's field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world. RiT's shares are traded on the Nasdaq exchange under the symbol RITT. http://www.rittech.com

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate", "forecast", "target", "could" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.   For example, when we discuss a field trial which could lead to a multi-million dollar Carrier deal, we are using a forward looking statement. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading "Risk Factors" in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC.   These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel.   We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

                                          RiT TECHNOLOGIES LTD.
                                 CONSOLIDATED BALANCE SHEETS (U.S GAAP)
                                       (U.S dollars in thousands)
 
                                                 December 31, 2011     December 31, 2010
                                                       (Unaudited)             (Audited)

    Assets
    Current Assets
    Cash and cash equivalents                                  884                 1,391
    Trade receivables, net                                   3,921                 3,259
    Other current assets                                       567                   259
    Assets held for severance benefits                           0                     7
    Inventories                                              3,779                 3,310
    Total Current Assets                                     9,151                 8,226
 
    Long term Assets
    Assets held for severance benefits                       1,179                 1,197
                                                             1,179                 1,197
 
    Property and Equipment
    Cost                                                     3,406                 3,298
    Less - accumulated depreciation                          3,167                 3,038
                                                               239                   260
 
    Total Assets                                            10,569                 9,683
 
    Liabilities and Shareholders' Equity
    Current Liabilities
    Short-term Loan                                            162                   259
    Trade payables                                           2,470                 2,391
    Other payables and accrued liabilities                   1,211                 1,206
    Liability in respect of employees'
    severance benefits                                           0                     9
    Total Current Liabilities                                3,843                 3,865
 
    Other Liabilities
    Principle shareholder convertible loan                     400                 1,519
    Liability in respect of employees'
    severance benefits                                       1,291                 1,368
                                                             1,691                 2,887
    Total Liabilities                                        5,534                 6,752
 
    Shareholders' Equity
    Share capital                                            1,126                   854
    Treasury stock                                             (27)                  (27)
    Additional paid-in capital                              45,569                39,880
    Accumulated deficit                                    (41,633)              (37,776)
    Total Shareholders' Equity                               5,035                 2,931
    Total Liabilities and Shareholders'
    Equity                                                  10,569                 9,683
                                       STATEMENTS OF OPERATIONS (U.S GAAP)
                                (U.S dollars in thousands, except per share data)
 
                                               For the three          For the Year
                                               months ended              ended
                                                December 31,          December 31,
                                                (Unaudited)     (Unaudited)    (Audited)
 
                                            2011         2010       2011            2010
                                          U.S. $       U.S. $     U.S. $          U.S. $
 
    Sales                                  3,363        2,849     13,720          11,400
    Cost of sales                          1,805        1,632      7,489           6,319
    Gross profit                           1,558        1,217      6,231           5,081
 
    Operating costs and expenses:
    Research and development:
    Research and development, gross          508          448      1,871           1,976
    Less - royalty-bearing participation       0            0          0              73
    Research and development, net            508          448      1,871           1,903
 
    Sales and marketing                    1,451        1,294      5,684           4,581
    General and administrative               876          567      2,463           2,012
    Total operating expenses               2,835        2,309     10,018           8,496
    Operating Loss                        (1,277)      (1,092)    (3,787)         (3,415)
    Financial Income (Loss), net             (39)         (10)      (102)            (71)
    Other Income / (Loss)                     32            0         32               0
    Net Income (Loss)                     (1,284)      (1,102)    (3,857)         (3,486)
 
    Basic and Diluted net Loss per
    ordinary share                         (0.28)       (0.28)     (0.88)          (1.10)
 
    Weighted average number of ordinary
    shares, used to compute basic and
    diluted net loss per ordinary share 4,579,170    3,929,207  4,378,942       3,171,124

COMPANY CONTACT:     Moti Antebi, CFO +972-77-270-7210 moti.antebi@rittech.com

SOURCE RiT Technologies Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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