TEL AVIV, Israel, February 28, 2013 /PRNewswire/ --
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 $2.1 million, down 25% compared with $2.8 million in the second quarter of 2012 and 42% compared year-over-year with $3.7 million in the third quarter of 2011.
Investment in the development of new products totaled $1.1 million in the third quarter and $2.9 million in the first nine months of 2012.Net loss for the quarter was $2.8 million, or $0.46 per share. This compared with a net loss of $2.5 million, or $0.48 per share, in the second quarter of 2012 and $0.9 million, or $0.19 per share in the third quarter of 2011. For the nine-month period, revenues totaled $6.3 million compared with $10.4 million in the first nine months of 2011. Net loss for the period totaled $8.5 million, or $1.54 per share, compared with $2.6 million, or $0.60 per share, for the parallel period of 2011. Comments of Management Commenting on the results, Dr. Vadim Leiderman, 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