Computeruser.com
Latest News

RiT Technologies Reports Financial Results for the Fourth Quarter & Full Year 2010

TEL AVIV, Israel February 1, 2011 December 31, 2010

$2.8 million $2.2 million $1.1 million $0.28 $1.6 million $0.61

$11.4 million $8.7 million $3.5 million $1.10 $6.5 million $2.48

Comments of Management

Commenting on the results, Mr. Eran Ayzik, RiT’s President and CEO, said, "2010 was a transitional period during which we reorganized and stabilized the Company and began executing a strategy aimed at renewed growth and profitability. We are pleased to have been able to achieve a 46% reduction in our net loss for the year together with a 32% increase in our sales.

"However, our revenues are still below their true potential. In 2011 we will continue executing our strategy, including the expansion of our sales and marketing efforts and the development of an exciting new cabling product line. With the intention of doubling our sales force, we have recently added several sales people and will soon be adding more. In parallel, we continue to make progress in building out our channels for targeted emerging markets, as demonstrated by the agreements announced during the quarter and the additional partnerships that are currently in discussion."

Mr. Ayzik concluded, "Taken as a whole, we are progressing according to plan. With recovering markets, superb products and a strengthened sales and marketing team, we are poised for growth in 2011 and for the long term."

About RiT Technologies

RiT is a leading provider of intelligent solutions for infrastructure management, asset management, environment and security, and network utilization. RiT Enterprise solutions address datacenters, communication rooms and workspace environments, ensuring maximum utilization, reliability, decreased downtime, physical security, automated deployment, asset tracking, and troubleshooting. RiT Carrier solutions provide carriers with the full array of network mapping, testing and bandwidth qualification capabilities needed for access network installation and service provisioning. RiT’s field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world.

www.rittech.com

Safe Harbor Statement

Israel

                                     RiT TECHNOLOGIES LTD.                              STATEMENTS OF OPERATIONS (U.S GAAP)                       (U.S dollars in thousands, except per share data)                                 For the three              For the Year                                months ended               ended                                December 31,               December 31,                                (Unaudited)                (Unaudited)                                 2010      2009         2010         2009                                U.S. $    U.S. $       U.S. $       U.S. $      Sales                      2,849      2,214         11,400       8,655     Cost of sales              1,632      1,307          6,325       4,710     Gross profit               1,217        907          5,075       3,945      Operating costs and     expenses:     Research and development:     Research and development,     gross                        448        760          1,976       3,158     Less - royalty-bearing     participation                  0        206             73         206     Research and     development, net             448        554          1,903       2,952      Sales and marketing        1,294      1,417          4,581       5,268     General and administrative   567        521          2,012       2,065     Total operating expenses   2,309      2,492          8,496      10,285     Operating Loss            (1,092)    (1,585)        (3,421)     (6,340)     Financial income (loss),     net                          (10)        (7)           (71)       (110)     Net Income (Loss)         (1,102)    (1,592)        (3,492)     (6,450)      Basic and Diluted net     Loss per     ordinary share             (0.28)     (0.61)         (1.10)      (2.48)      Weighted average number     of ordinary     shares, used to     compute basic and     diluted net loss     per ordinary share     3,929,207  2,604,428      3,171,124   2,604,428                                                RiT TECHNOLOGIES LTD.                                      CONSOLIDATED BALANCE SHEETS (U.S GAAP)                                            (U.S dollars in thousands)                                       December 31,2010    December 31,2009                                        (Unaudited)           (Unaudited)     Assets     Current Assets     Cash and cash equivalents              1,391                1,610     Trade receivables, net                 3,000                2,044     Other current assets                     259                  462     Assets held for severance benefits         0                  112     Inventories                            3,310                3,355     Total Current Assets                   7,960                7,583      Long term Assets     Trade receivables, net                     0                  181     Assets held for severance benefits     1,204                1,409                                            1,204                1,590     Property and Equipment     Cost                                   3,298                3,252     Less - accumulated depreciation        3,038                2,870                                              260                  382      Total Assets                           9,424                9,555     Liabilities and Shareholders' Equity     Current Liabilities     Short-term Loan                            0                  250     Trade payables                         2,391                1,322     Other payables and accrued expenses    1,206                1,340     Liability in respect of employees'     severance benefits                         0                  143     Total Current Liabilities              3,597                3,055     Other Liabilities     Convertible Loan from principal     shareholder                            1,519                1,805     Liability in respect of employees'     severance benefits                     1,377                1,633                                            2,896                3,438     Total Liabilities                      6,493                6,493     Shareholders' Equity     Share capital                          3,555                  559     Treasury stock                           (27)                 (27)     Additional paid-in capital            37,179               36,820     Accumulated deficit                  (37,776)             (34,290)     Total Shareholders' Equity             2,931                3,062     Total Liabilities and Shareholders'     Equity                                 9,424                9,555       COMPANY CONTACT:      Moti Antebi     CFO     +972-3-766-4249     [email protected]  

SOURCE RiT Technologies Ltd

Leave a comment

seks shop - izolasyon
basic theory test book basic theory test