RiT Technologies, a leading intelligent solutions provider, today 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.”
For more information visit www.rittech.com