This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

RiT Technologies Reports Financial Results For Q1 2012

Stocks in this article: ALU CALL CIMT MRVL RITT

TEL AVIV, Israel, July 12, 2012 /PRNewswire/ --

RiT Technologies (NASDAQ: RITT), today announced its financial results for the first quarter ended March 31, 2012.  Revenues for the period totaled $1.4 million, compared with $3.2 million for the first quarter of 2011. Net loss for the quarter was $2.8 million ( $0.54 per share on a basic and diluted basis), compared with $1.0 million ( $0.24 per share on a basic and diluted basis) for the first quarter of 2011. As reported on July 2, 2012, on July 17, 2012 the Company will complete a debt-to-equity conversion with Stins Coman that will increase our shareholders’ equity to approximately $6.4 million

Changes in Management Team

The Company has appointed a new CFO, Mr. Eli Gendler and a new VP Sales, Mr. Hadar Tal, thereby completing the configuration of its new management team.  Mr. Gendler, a CPA, comes to RiT with over a decade of experience in global high tech companies, including serving as CFO of Vocaltec (Nasdaq:CALL) and Cimatron (Nasdaq:CIMT). Prior to joining RiT, Mr. Tal served in a variety of sales management positions for WebTView, Surf Communications Solutions, Marvell Semiconductors (Nasdaq: MRVL), Alcatel-Lucent Technologies (Euronext Paris and NYSE: ALU) and AVAYA.

Comments of Management

Dr. Vadim Leiderman, RiT's new President and CEO, commented, "In May, our Board of Directors approved a multi-year strategic plan. Stins Coman, our controlling shareholder, continues to provide us confidently with the funding we need to support our turnaround activities and ongoing operations. The results that we have reported for the first quarter of 2012 confirm the need to rebuild our strategy to take full advantage of our superior technologies and excellent platform products for the fast-growing DCIM ( Data Center Infrastructure Management) and IIM (Intelligent Infrastructure Management) markets.

"We have begun reorganizing the Company and will continue throughout 2012, while also investing in our sales capabilities and focused product development. In parallel, we will continue to expand and enhance our IIM and DCIM offerings while building important new partnerships, especially in the Far East."

Dr. Leiderman continued, "To execute our new strategy, we have created a highly-qualified new management team and provided them with clear objectives and incentives. With the right people, differentiating technologies and superb product offerings basis, we are confident regarding our ability to turn the Company around and to create significant value for our shareholders."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs