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RiT Technologies Reports Financial Results For The Fourth Quarter And Full Year Ended 2013

Stocks in this article: RITT

Fourth Quarter 2013 Revenues Increased 42.1% to $3.0 Million; Full-Year 2013 Revenues Increased 32.5% to $11.2 Million

Cost Reduction Initiative in Place to Reduce Expenses in 2014

TEL AVIV, Israel, Feb. 27, 2014 (GLOBE NEWSWIRE) -- RiT Technologies Ltd. (Nasdaq:RITT), the leader in intelligent infrastructure management and the developer of an innovative indoor optical wireless technology solution, announced today its unaudited financial results for the fourth quarter and full year ended December 31, 2013.

Highlights for the Fourth Quarter 2013

  • Revenues for the fourth quarter of 2013 increased by 42.1% to $3.0 million, compared with $2.1 million for the fourth quarter of 2012  
  • Gross margin for the fourth quarter of 2013 improved to 8.6% (including inventory write-offs of $0.6 million), compared to -6.0% for the fourth quarter of 2012 (including inventory write-offs of $0.8 million)  
  • Net loss for the fourth quarter of 2013 (including approximately $240,000 in stock-based compensation expenses) was $3.3 million, or $0.30 per (basic and diluted) share, compared with a net loss of $2.9 million, or $0.44 per (basic and diluted) share in the fourth quarter of 2012 (including approximately $46,000 in stock-based compensation expenses)

Highlights for the Full Year 2013

  • Revenues for the full year 2013 increased by 32.5% to $11.2 million, from $8.4 million for full year 2012  
  • Gross margin for full year 2013 improved to 30% (including inventory write-offs of $0.6 million), from 16% in 2012 (including inventory write-offs of $0.8 million)  
  • Net loss for the full year 2013 (including approximately $1.2 million in stock-based compensation expenses) improved  to $9.5 million, or $1.04 per (basic and diluted) share compared with a net loss of $11.1 million, or $1.91 per (basic and diluted) share in 2012 (including approximately $301,000 in stock-based compensation expenses)  
  • Cash and cash equivalents totaled $5.2 million as of December 31, 2013. Shareholders' equity increased to $7.4 million as of December 31, 2013, from $2.3 million on December 31, 2012

Recent Developments

  • Promoted Motti Hania to President and CEO in January 2014
  • Raised $6 million in a public offering to increase global sales and marketing efforts for IIM and Beamcaster solutions
  • Appointed industry veterans as new country  managers in China and South Africa
  • Secured several large-scale deals in Latin America with OEM partner, Furukawa Industrial, S.A. (FISA) totaling more than $1.8 million
  • Increased industry presence through leading, global information technology conferences, featuring the PatchView+â„¢ IIM, and advanced cabling products

Management Commentary

"We achieved a number of important operational and financial milestones in 2013 which helped advance our growth initiatives," said Mr. Motti Hania, RiT's President and CEO. "Over the past year we expanded our distribution network, and introduced Beamcasterâ„¢, our new disruptive optical wireless networking technology. We grew revenues, improved gross margins, reduced our losses and raised capital strengthening our financial position.

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