TEL AVIV, Israel, August 6, 2012 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT) today announced its financial results for the second quarter and six months ended June 30, 2012.
Revenues for the second quarter of 2012 totaled $2.8 million, up 100% compared with $1.4 million in the first quarter of 2012 but down 18% compared year-over-year with $3.5 million in the second quarter of 2011.
Investment in the development of new products totaled $1.1M in the second quarter and $1.8M in the first half of 2012.Net loss for the quarter was $2.5 million, or $0.48 per share. This compared with a net loss of $2.8 million, or $0.54 per share, in the first quarter of 2012 and $0.8 million, or $0.17 per share in the second quarter of 2011. For the six-month period, revenues totaled $4.2 million compared with $6.7 million in the first half of 2011. Net loss for the first half totaled $5.3 million, or $1.02 per share, compared with $1.7 million, or $0.41 per share, for the first six months of 2011. Comments of Management Commenting on the results, Dr. Vadim Leiderman, RiT's President and CEO, said, "During the second quarter, our Board of Directors approved our multi-year strategic plan, which calls for significant investment in the development of new products throughout 2012 and 2013. The Company current strategy, together with our new product lines, will enable us to ramp up our sales capabilities. As such, we have now moved our development efforts into high gear with the goal of completing our new product lines for the rapidly growing DCIM (Data Center Infrastructure Management) and IIM (Intelligent Infrastructure Management) markets in the near future. In parallel, we are upgrading our sales and support capabilities in strategic markets, focusing on the establishment of partnerships with leading players, and taking considerable cost reduction measures to improve operational efficiency. We are confident that the significant fruits of our labor will become apparent in our future financial results." About RiT Technologies
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV