Rit Technologies Ltd. (RITT) Posts Q4, FY 2010 Results, Notes Room for Growth

QualityStocks would like to highlight RiT Technologies Ltd. (NASDAQ: RITT), 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.

In the company’s news yesterday,

RiT Technologies announced its financial results for the fourth quarter and full year ended December 31, 2010.

The company reported revenues for the fourth quarter of 2010 at $2.8 million, up 29 percent compared with $2.2 million for the fourth quarter of last year. Net loss for the quarter was $1.1 million, or $0.28 per share on a basic and diluted basis, compared with $1.6 million, or $0.61 per share on a basic and diluted basis, in the parallel quarter of 2009.

For the 12 months ended December 31, 2010, RiT posted a 32-percent increase in revenues to $11.4 million from $8.7 million reported in 2009. Net loss for the year decreased 46 percent to $3.5 million, or $1.10 per share on a basic and diluted basis, compared with $6.5 million, or $2.48 per share on a basic and diluted basis, for 2009.

In 2010, RiT worked on reorganizing and stabilizing the company to jump-start renewed growth and profitability. As such, the company was able to reduce its full-year net loss by 46 percent on the back of a 32 percent increase in sales.

Eran Ayzik, RiT’s president and CEO, noted that while revenues haven’t met performed to the max, the company expects to continue on its transitional path of improvement through expansion and increased 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,” Ayzik stated in the press release. “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.”

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.