RiT Technologies Reports Financial Results for the First Quarter of 2014
15 Mayo 2014 - 7:00AM
RiT Technologies (Nasdaq:RITT), today announced
its unaudited financial results for the first quarter ended March
31, 2014.
Financial Results for Q1 2014
- Revenues for the first quarter of 2014 increased by 13.84% to
$2.0 million, compared to $1.8 million for the first quarter of
2013.
- Gross margin for the period improved 400 basis points to 40%,
compared to 36% in the first quarter of 2013.
- Net loss for the first quarter of 2014 (including $222,000 in
stock-based compensation expenses) was $1.9 million, or $0.15 per
(basic and diluted) share, compared with a net loss of $2.9
million, or $0.37 per (basic and diluted) share in the first
quarter of 2013 (including $545,000 in stock-based compensation
expenses).
- Cash and cash equivalents were $3.1 million as of March 31,
2014, compared to $5.2 million as of December 31, 2013.
Shareholders' equity decreased to $5.8 million as of March 31,
2014, compared to $7.4 million as of December 31, 2013.
Recent Operational Highlights
- Completed first commercial installation of Beamcaster™ wireless
network in China for Soarsky Telecommunication Co., a leading
software and IT company in Shenzhen, China;
- Israel's Weizmann Institute of Science deployed RiT's
Intelligent Infrastructure Management solution, PatchView+;
- Cost reduction initiative announced in January 2014 contributed
to a reduction of $800,000 in operating expenses from $3.5 million
in the fourth quarter 2013 to $2.7 million in the first quarter of
2014;
- Appointed Motti Hania as President and Chief Executive Officer
in January 2014.
Comments of Management
"We continue to execute on our long-term strategy to improve
operational efficiency while increasing global sales and advancing
our new Beamcaster™ and PatchView+ product lines. During the
first quarter, we began to realize the benefit of the cost
reduction initiatives that we began to implement in 2014,"
commented Motti Hania, RiT's President and CEO.
"We introduced Beamcaster™, our new innovative indoor optical
wireless networking technology into the Chinese market and
completed our first commercial installation in the
region. Beamcaster™ continues to attract interest by early
adopters as a cost effective ultra-high bandwidth networking
alternative to structured cabling. We will look to
leverage such interest in the U.S. and China to further drive the
sales of our innovative technology."
"In addition, PatchView+, our new IIM software solution that
enables data centers and enterprise networks to automatically
manage network infrastructure components continues to gain
traction. We are encouraged by the initial success of
PatchView+ and believe it is a valuable tool to reduce maintenance
costs and optimize the physical infrastructure for enterprise
organizations of all sizes."
About RiT Technologies
RiT Technologies (RITT) is a leading provider of cabling, DCIM
and IIM solutions and a developer of an innovative indoor optical
wireless technology solution. Our DCIM and IIM products provide
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 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 Beamcaster™ product is the first of our indoor
optical wireless networking 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.
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. For example, when we
discuss the planned sales growth and the success of our
Beamcaster™ and PatchView+ products, we are using a
forward-looking statement. 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. We are under no obligation, and 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 March 31, |
|
|
2014 |
2013 |
|
|
|
|
Sales |
|
2,016 |
1,771 |
|
|
|
|
Cost of sales |
|
1,204 |
1,137 |
|
|
|
|
Gross profit |
|
812 |
634 |
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Research and development, net |
|
687 |
1,548 |
Sales and marketing, net |
|
1,156 |
1,218 |
General and administrative |
|
835 |
712 |
Total operating expenses |
|
2,678 |
3,478 |
|
|
|
|
Operating loss |
|
(1,866) |
(2,844) |
|
|
|
|
Financing loss, net |
|
(26) |
(37) |
|
|
|
|
|
|
|
|
Loss before income tax
expense |
|
(1,892) |
(2,881) |
Taxes on income |
|
|
|
|
|
|
|
Net Loss |
|
(1,892) |
(2,881) |
|
|
|
|
Net Loss Per Share - Basic and
Diluted |
|
(0.15) |
(0.37) |
|
|
|
|
Weighted Average Number of Ordinary
Shares Outstanding - Basic and Diluted |
|
12,763,218 |
7,727,831 |
|
|
RIT TECHNOLOGIES
LTD. |
CONSOLIDATED BALANCE
SHEETS (US GAAP) |
(U.S. dollars in
thousands) |
|
|
March 31, |
December 31, |
|
2014 |
2013 |
|
US$ thousands |
US$ thousands |
Assets |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
3,097 |
5,194 |
Trade receivables, net |
3,229 |
3,839 |
Other current assets |
567 |
237 |
Inventories |
3,955 |
3,647 |
Total Current Assets |
10,848 |
12,917 |
|
|
|
Assets held for severance benefits |
1,207 |
1,161 |
Property and equipment, net |
471 |
500 |
|
|
|
Total Assets |
12,526 |
14,578 |
|
|
|
Liabilities and Shareholders'
Equity |
|
|
Current Liabilities: |
|
|
Short term loan |
-- |
-- |
Trade payables |
1,397 |
1,878 |
Other payables and accrued liabilities |
1,945 |
1,933 |
Total Current Liabilities |
3,342 |
3,811 |
|
|
|
Principal shareholder convertible loan |
2,000 |
2,000 |
Liability in respect of employees' severance
benefits |
1,425 |
1,338 |
Total Liabilities |
6,767 |
7,149 |
|
|
|
Commitments and Contingencies |
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
Share capital |
2,782 |
2,782 |
Treasury stock |
(27) |
(27) |
|
|
|
Additional paid-in capital |
67,164 |
66,942 |
Accumulated deficit |
(64,160) |
(62,268) |
|
|
|
Total Shareholders' Equity |
5,759 |
7,429 |
|
|
|
Total Liabilities and Shareholders'
Equity |
12,526 |
14,578 |
CONTACT: COMPANY CONTACT:
Elan Yaish, CFO
+972-77-270-7210
elan.yaish@rittech.com
KCSA Strategic Communication
Jeffrey Goldberger/Rob Fink
212-896-1249/212-896-1206
jgoldberger@kcsa.com / rfink@kcsa.com
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