TEL AVIV, Israel
February 28, 2013
RiT Technologies (NASDAQ: RITT)
today announced its financial results for the third quarter and nine months ended
September 30, 2012
Revenues for the third quarter of 2012 totaled
, down 25% compared with
in the second quarter of 2012 and 42% compared year-over-year with
in the third quarter of 2011.
Investment in the development of new products totaled
in the third quarter and
in the first nine months of 2012.
Net loss for the quarter was
per share. This compared with a net loss of
per share, in the second quarter of 2012 and
per share in the third quarter of 2011.
For the nine-month period, revenues totaled
in the first nine months of 2011. Net loss for the period totaled
per share, compared with
per share, for the parallel period of 2011.
Comments of Management
Commenting on the results, Dr.
, RiT's President and CEO, said, "During the third quarter, we continued to move forward according to a plan focused on the accelerated development of our new IWON and IIM product lines, each of which brings a new approach to solving the unmet needs of fast-growth markets. We plan to continue with this high level of investment throughout 2013, while also taking considerable measures reorganizing our sales organization."
About RiT Technologies