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

Stocks in this article: RITT

"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.

RIT TECHNOLOGIES LTD.
STATEMENTS OF OPERATIONS (US GAAP)
(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
 
RIT TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS (US GAAP)
(U.S. dollars in thousands)
     
  December 31, December 31,
  2013 2012
  US$ thousands US$ thousands
Assets    
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
CONTACT: COMPANY CONTACT:
         Elan Yaish, CFO
         +972-77-270-7210
         elan.yaish@rittech.com
         
         or
         
         KCSA Strategic Communication
         Jeffrey Goldberger/Rob Fink
         212-896-1249/212-896-1206
         jgoldberger@kcsa.com / rfink@kcsa.com

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