TEL AVIV, Israel
August 6, 2012
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
, up 100% compared with
in the first quarter of 2012 but down 18% compared year-over-year with
in the second quarter of 2011.
Investment in the development of new products totaled
in the second quarter and
in the first half of 2012.
Net loss for the quarter was
per share. This compared with a net loss of
per share, in the first quarter of 2012 and
per share in the second quarter of 2011.
For the six-month period, revenues totaled
in the first half of 2011. Net loss for the first half totaled
per share, compared with
per share, for the first six months of 2011.
Comments of Management
Commenting on the results, Dr.
, 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
(Data Center Infrastructure Management) and
(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