In the company’s news yesterday,
RiT Technologies announced to investors its unaudited financial results for the third quarter and the nine months ended September 30, 2008. Both revenues and net income increased dramatically, with Q3 2008 revenues reaching $7.3 million and net income totaling $1.1 million, or $0.07 per share (basic and diluted). This compares to $4.9 million in revenues for Q3 2007 and a net loss of $2.8 million, or $0.19 per share (basic and diluted), for Q3 2007.
Mr. Avi Kovarsky, RiT’s CEO and President, commented, “The third quarter was a period of strong revenue growth combined with a high gross margin, enabling us to achieve profitability earlier than expected with our highest net income in many years. For the nine month period, we are proud to have achieved a 24% increase in revenues, a 78% increase in gross profit and increased our cash to $6.2 million - all while actually reducing our headcount in realization of the plan that we adopted at the end of 2007.”
He also said, “We continue to move forward according to our new R&D roadmap, which is aimed at expanding our addressable markets. During the quarter, we released a new version of our SiteWiz Cable & Asset Management (CAM) solution, a software offering designed to respond to the infrastructure management needs of existing Enterprise installations. In the long-term, we continue investigating new directions that will enable us to take full advantage of our industry-leading technology for bringing intelligence to the physical layer.”
“Given today’s unstable market conditions, it is difficult to make projections regarding our future performance. However, with a healthy business platform, a careful eye on expenses, strong partners and an encouraging pipeline of potential sales, we are moving forward with the goal of continuing to build our revenues and improve profits,” he concluded.
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