RiT Technologies (Nasdaq:RITT) reported record fourth-quarter revenues of $12.5 million, 68% higher than in the same quarter of 1999 and 18% more than in RiT's third quarter.
RiT President and CEO Liam Galin says that in all respects, 2000 was the company's best year. It was the first time RiT has posted a profit for four consecutive quarters.
Gross profit rose by 79% against the same quarter in 1999, accounting for 52.5% of revenues. Net income reached $1.5 million, 12.2% more than in the third quarter of 2000. In the fourth quarter of 1999, RiT had posted $900,000 in losses.
EPS for the quarter came to 15 cents, as compared with the 14 cents predicated by Wall Street. The company's EPS in its fourth quarter was 87% higher than in its third quarter of 2000.
RiT is the second company that brothers Zohar and Yehuda Zisapel floated on Nasdaq. Its market price today is $90 million.
The company has developed a system that enables telephone companies to identify lost copper lines, and to utilize technician time efficiently by providing precise information on copper infrastructure connectivity.
Strong order backlog causes optimism for 2001
RiT retains its optimism for 2001 due to what it calls a significant order backlog. RiT's Galin says the new trend amongst telecoms have increased demand for RiT's products, especially its PairView line. PairView is a comprehensive mapping and testing system for local networks, which identifies and solves infrastructure wiring problems. The system is used to control and manage telephony networks and helps locate old cables, no longer in use. The system lets telephone firms check the quality of those cables and their connections.
RiT clients include the American company
, Telmex and
(NYSE:DT), which RiT will supply with 20 systems worth $3.6 million.