This Day On The Street
Continue to site
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 The Fourth Quarter And Full Year Ended 2013

"In 2014 we will focus on advancing our new Beamcasterâ„¢ and PatchView+ product lines and growing sales while implementing cost efficiencies to reduce expenses and improve margins. The initial market indications for Beamcaster have been encouraging and we remain confident that a significant long-term growth opportunity exists, on a global scale," Mr. Hania concluded.

About RiT Technologies

RiT is a leading provider of IIM solutions and a developer of an innovative indoor optical wireless technology solution. Our IIM products provide and enhance security and network utilization for data centers, communication rooms and work space environments. They help companies plan and provision, monitor and troubleshoot their communications networks, maximizing utilization, reliability and physical security of the network while minimizing unplanned downtime. Our IIM solutions are deployed around the world, in a broad range of organizations, including data centers in the private sector, government agencies, financial institutions, airport authorities, healthcare and education institutions. Our Beamcasterâ„¢ product is the first of our indoor optical wireless technology solutions. It is designed to help customers streamline deployment, reduce infrastructure design, installation and maintenance complexity and enhance security in a cost effective way. RiT's shares are traded on the NASDAQ Capital Market under the symbol RITT.

Safe Harbor Statement

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate", "forecast", "target", "could" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described under the heading "Risk Factors" in our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 20-F, which may be revised or supplemented in subsequent reports filed with the SEC. These factors include, but are not limited to, the following: our ability to raise additional financing, if required; the continued development of market trends in directions that benefit our sales; our ability to maintain and grow our revenues; our dependence upon independent distributors, representatives and strategic partners; our ability to develop new products and enhance our existing products; the availability of third-party components used in our products; the economic condition of our customers; the impact of government regulation; and the economic and political situation in Israel.  Except as otherwise required by applicable law, we  expressly disclaim any obligation to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
(U.S. dollars in thousands, except per share data)
  Three Months Ended December 31, Twelve Months Ended December 31,
  2013 2012 2013 2012
Sales 2,981 2,098 11,179 8,436
Cost of sales 2,724 2,223 7,864 7,065
Gross profit 257  (125) 3,315 1,371
Operating expenses        
Research and development, net 994 1,057 4,125 3,922
Sales and marketing, net 1,349 1,060 4,786 5,465
General and administrative 1,135 663 3,803 3,043
Total operating expenses 3,478 2,780 12,714 12,430
Operating loss  (3,221)  (2,905)  (9,399)  (11,059)
Financing loss, net  (35)  (33)  (129)  (48)
Loss before income tax expense  (3,256)  (2,938)  (9,528)  (11,107)
Taxes on income        
Net Loss  (3,256)  (2,938)  (9,528)  (11,107)
Net Loss Per Share - Basic and Diluted  (0.30)  (0.44)  (1.04)  (1.91)
Weighted Average Number of Ordinary Shares Outstanding - Basic and Diluted 10,871,914 6,610,562 9,138,947 5,802,803
(U.S. dollars in thousands)
  December 31, December 31,
  2013 2012
  US$ thousands US$ thousands
Current Assets:    
Cash and cash equivalents  5,194  2,183
Trade receivables, net   3,839  1,998
Other current assets  237  461
Inventories  3,647  3,359
Total Current Assets  12,917  8,001
Assets held for severance benefits  1,161  1,126
Property and equipment, net  500  545
Total Assets  14,578  9,672
Liabilities and Shareholders' Equity    
Current Liabilities:    
Short term loan  --   174
Trade payables  1,878  1,234
Other payables and accrued liabilities  1,933  1,628
Total Current Liabilities  3,811  3,036
Principal shareholder convertible loan  2,000  3,000
Liability in respect of employees' severance benefits  1,338  1,346
Total Liabilities  7,149  7,382
Commitments and Contingencies    
Shareholders' Equity:    
Share capital  2,782  1,644
Treasury stock  (27)  (27)
Additional paid-in capital  66,942  53,413
Accumulated deficit  (62,268)  (52,740)
Total Shareholders' Equity  7,429  2,290
Total Liabilities and Shareholders' Equity  14,578  9,672
         Elan Yaish, CFO
         KCSA Strategic Communication
         Jeffrey Goldberger/Rob Fink
         212-896-1249/212-896-1206 /

2 of 2

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs