RiT Technologies Reports Financial Results for the Fourth Quarter and Full Year ended December 31, 2014
31 Marzo 2015 - 2:45PM
RiT Technologies Ltd. (Nasdaq:RITT), a leading
provider of Intelligent Network & Infrastructure Management
solutions and Structured Cabling Solutions for enterprises, and the
developer of an innovative indoor optical wireless solution
(BeamCaster), today announced its unaudited financial results for
the fourth quarter and full year ended December 31, 2014.
Financial Results for the Fourth Quarter and Full Year
2014
Q4 2014
- Revenues for the fourth quarter of 2014 were $0.92 million,
compared with $2.98 million for the fourth quarter of 2013.
- Net loss for the fourth quarter of 2014 (including
approximately $137,000 in stock-based compensation expenses) was
$3.2 million, or $0.20 per (basic and diluted) share, compared with
a net loss of $3.3 million, or $0.30 per (basic and diluted) share
in the fourth quarter of 2013 (including approximately $240,000 in
stock-based compensation expenses).
Full Year 2014
- Revenues for the full year 2014 were $6.6 million, compared
with $11.2 million for full year 2013.
- Net loss for the full year 2014 (including approximately
$841,000 in stock-based compensation expenses) was $9.4 million, or
$0.7 per (basic and diluted) compared with a net loss of $9.5
million, or $1.04 per (basic and diluted) shares in 2013 (including
approximately $1.2 million in stock-based compensation expenses).
- Cash and cash equivalents were $1.6 million as of December 31,
2014.
Recent Developments
- In December 2014, the Company promoted its Controller, Eran
Erov, to VP Finance, replacing its CFO, who had resigned to pursue
other opportunities.
- In November 2014, RiT Technologies signed a significant OEM
agreement with Belden, a global leader in signal transmission
solutions for mission-critical applications, to utilize RiT's IIM
solution to enhance its network infrastructure management product
portfolio in the Asia Pacific.
- In November 2014, RiT signed a Memorandum of Understanding
(MOU) with Wipro Ltd, an international information technology,
consulting and outsourcing company to cooperate in identifying
relevant projects in India and customizing their integrated
solutions for projects, to maximize their business in India.
"The recently signed agreements with Belden and Wipro Ltd have
the potential to increase our sales volume in 2015 and revenue in
the high-growth Asia-Pacific markets," noted Motti Hania, President
and Chief Executive Officer of RiT Technologies.
Mr. Hania continued, "The past year has been a very challenging
period for RiT Technologies but we enter in 2015 with renewed
confidence. In addition to working diligently to reduce our
operating expenses, we are concentrating our external activities on
those areas of the business which offer the Company and its
shareholders the greatest opportunity for success."
About RiT Technologies
RiT Technologies (Nasdaq:RITT), is a leading provider of IIM and
structured cabling solutions and a developer of an innovative
indoor optical wireless technology solution. The RiT 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. The RiT solutions are
deployed around the world, in a broad range of organizations,
including data centers in corporate organizations, government
agencies, financial institutions, airport authorities, healthcare
and education institutions and more. Our BeamCaster™ product is an
innovative indoor optical wireless networking technology solutions,
designed to help customers streamline deployment, reduce
infrastructure design, installation and maintenance complexity and
enhance security in a cost effective way. RiT's shares are traded
on the NASDAQ Capital Market under the symbol RITT. For more
information, please visit: www.rittech.com.
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. 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. Except as
otherwise required by applicable law, we 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 December 31, |
Twelve Months
Ended December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Sales |
923 |
2,981 |
6,619 |
11,179 |
|
|
|
|
|
Cost of sales |
1,672 |
2,724 |
5,196 |
7,864 |
|
|
|
|
|
Gross profit |
(749) |
257 |
1,423 |
3,315 |
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development, net |
625 |
994 |
2,769 |
4,125 |
Sales and marketing, net |
941 |
1,349 |
3,948 |
4,786 |
General and administrative |
818 |
1,135 |
4,021 |
3,803 |
Total operating expenses |
2,384 |
3,478 |
10,738 |
12,714 |
|
|
|
|
|
Operating loss |
(3,133) |
(3,221) |
(9,315) |
(9,399) |
|
|
|
|
|
Financing loss, net |
(26) |
(35) |
(77) |
(129) |
Other expenses |
(6) |
|
(7) |
|
|
|
|
|
|
Loss before income tax
expense |
(3,165) |
(3,256) |
(9,399) |
(9,528) |
Taxes on income |
|
|
|
|
|
|
|
|
|
Net Loss |
(3,165) |
(3,256) |
(9,399) |
(9,528) |
|
|
|
|
|
Net Loss Per Share - Basic and
Diluted |
(0.20) |
(0.30) |
(0.70) |
(1.04) |
|
|
|
|
|
Weighted Average Number of
Ordinary |
|
|
|
|
Shares Outstanding - Basic and
Diluted |
15,541,306 |
10,871,914 |
13,471,060 |
9,138,947 |
|
RIT TECHNOLOGIES
LTD. |
CONSOLIDATED BALANCE
SHEETS (US GAAP) |
(U.S. dollars in
thousands) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
|
US$ thousands |
US$ thousands |
Assets |
(Unaudited) |
(Audited) |
Current Assets: |
|
|
Cash and cash equivalents |
1,604 |
5,194 |
Trade receivables, net |
1,680 |
3,839 |
Other current assets |
335 |
237 |
Inventories |
3,617 |
3,647 |
Total Current Assets |
7,236 |
12,917 |
|
|
|
Assets held for severance benefits |
967 |
1,161 |
Property and equipment, net |
471 |
500 |
|
|
|
Total Assets |
8,674 |
14,578 |
|
|
|
Liabilities and Shareholders'
Equity |
|
|
Current Liabilities: |
|
|
Short term loan |
-- |
-- |
Trade payables |
967 |
1,878 |
Other payables and accrued liabilities |
1,554 |
1,933 |
Total Current Liabilities |
2,521 |
3,811 |
|
|
|
Principal shareholder convertible loan |
1,000 |
2,000 |
Liability in respect of employees' severance
benefits |
1,224 |
1,338 |
Total Liabilities |
4,745 |
7,149 |
|
|
|
Commitments and Contingencies |
|
|
|
|
|
Shareholders' Equity: |
|
|
Share capital |
3,384 |
2,782 |
Treasury stock |
(27) |
(27) |
Additional paid-in capital |
72,239 |
66,942 |
Accumulated deficit |
(71,667) |
(62,268) |
Total Shareholders' Equity |
3,929 |
7,429 |
|
|
|
Total Liabilities and Shareholders'
Equity |
8,674 |
14,578 |
CONTACT: Company Contact:
Eran Erov, VP finance
+972-77-270-7203
eran.erov@rittech.com
Investor Relations Contacts:
KCSA Strategic Communications
Jeffrey Goldberger / Christopher Harrison
212-896-1249 / 212-896-1267
ritt@kcsa.com
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