This Day On The Street
Continue to site
ADVERTISEMENT
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

RiT Technologies Reports Financial Results For Q2 2012

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

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,505.91 +220.40 1.35%
S&P 500 1,957.60 +17.09 0.88%
NASDAQ 4,742.5120 +44.9760 0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs