RiT Technologies Reports Financial Results for the Fourth Quarter and Full Year Ended 2013
28 2월 2014 - 6:05AM
Fourth Quarter 2013 Revenues Increased 42.1% to
$3.0 Million; Full-Year 2013 Revenues Increased 32.5% to $11.2
Million
Cost Reduction Initiative in Place to Reduce
Expenses in 2014
RiT Technologies Ltd. (Nasdaq:RITT), the leader in
intelligent infrastructure management and the developer of an
innovative indoor optical wireless technology solution, announced
today its unaudited financial results for the fourth quarter and
full year ended December 31, 2013.
Highlights for the Fourth Quarter 2013
- Revenues for the fourth quarter of 2013 increased by 42.1% to
$3.0 million, compared with $2.1 million for the fourth quarter of
2012
- Gross margin for the fourth quarter of 2013 improved to 8.6%
(including inventory write-offs of $0.6 million), compared to -6.0%
for the fourth quarter of 2012 (including inventory write-offs of
$0.8 million)
- Net loss for the fourth quarter of 2013 (including
approximately $240,000 in stock-based compensation expenses) was
$3.3 million, or $0.30 per (basic and diluted) share, compared with
a net loss of $2.9 million, or $0.44 per (basic and diluted) share
in the fourth quarter of 2012 (including approximately $46,000 in
stock-based compensation expenses)
Highlights for the Full Year 2013
- Revenues for the full year 2013 increased by 32.5% to $11.2
million, from $8.4 million for full year 2012
- Gross margin for full year 2013 improved to 30% (including
inventory write-offs of $0.6 million), from 16% in
2012 (including inventory write-offs of $0.8 million)
- Net loss for the full year 2013 (including approximately $1.2
million in stock-based compensation expenses) improved to
$9.5 million, or $1.04 per (basic and diluted) share compared with
a net loss of $11.1 million, or $1.91 per (basic and diluted) share
in 2012 (including approximately $301,000 in stock-based
compensation expenses)
- Cash and cash equivalents totaled $5.2 million as of December
31, 2013. Shareholders' equity increased to $7.4 million as of
December 31, 2013, from $2.3 million on December 31, 2012
Recent Developments
- Promoted Motti Hania to President and CEO in January 2014
- Raised $6 million in a public offering to increase global sales
and marketing efforts for IIM and Beamcaster solutions
- Appointed industry veterans as new country managers in
China and South Africa
- Secured several large-scale deals in Latin America with OEM
partner, Furukawa Industrial, S.A. (FISA) totaling more than $1.8
million
- Increased industry presence through leading, global information
technology conferences, featuring the PatchView+™ IIM, and advanced
cabling products
Management Commentary
"We achieved a number of important operational and financial
milestones in 2013 which helped advance our growth initiatives,"
said Mr. Motti Hania, RiT's President and CEO. "Over the past
year we expanded our distribution network, and introduced
Beamcaster™, our new disruptive optical wireless networking
technology. We grew revenues, improved gross margins, reduced
our losses and raised capital strengthening our financial
position.
"In 2014 we will focus on advancing our new Beamcaster™ and
PatchView+ product lines and growing sales while implementing cost
efficiencies to reduce expenses and improve margins. The
initial market indications for Beamcaster have been encouraging and
we remain confident that a significant long-term growth opportunity
exists, on a global scale," Mr. Hania concluded.
About RiT Technologies
RiT is a leading provider of IIM solutions and a developer of an
innovative indoor optical wireless technology solution. Our IIM
products provide and enhance security and 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 IIM 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 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. RiT's
shares are traded on the NASDAQ Capital Market under the symbol
RITT.
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, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Sales |
2,981 |
2,098 |
11,179 |
8,436 |
|
|
|
|
|
Cost of sales |
2,724 |
2,223 |
7,864 |
7,065 |
|
|
|
|
|
Gross profit |
257 |
(125) |
3,315 |
1,371 |
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development, net |
994 |
1,057 |
4,125 |
3,922 |
Sales and marketing, net |
1,349 |
1,060 |
4,786 |
5,465 |
General and administrative |
1,135 |
663 |
3,803 |
3,043 |
Total operating expenses |
3,478 |
2,780 |
12,714 |
12,430 |
|
|
|
|
|
Operating loss |
(3,221) |
(2,905) |
(9,399) |
(11,059) |
|
|
|
|
|
Financing loss, net |
(35) |
(33) |
(129) |
(48) |
|
|
|
|
|
|
|
|
|
|
Loss before income tax
expense |
(3,256) |
(2,938) |
(9,528) |
(11,107) |
Taxes on income |
|
|
|
|
|
|
|
|
|
Net Loss |
(3,256) |
(2,938) |
(9,528) |
(11,107) |
|
|
|
|
|
Net Loss Per Share - Basic and
Diluted |
(0.30) |
(0.44) |
(1.04) |
(1.91) |
|
|
|
|
|
Weighted Average Number of Ordinary
Shares Outstanding - Basic and Diluted |
10,871,914 |
6,610,562 |
9,138,947 |
5,802,803 |
|
RIT TECHNOLOGIES
LTD. |
CONSOLIDATED BALANCE
SHEETS (US GAAP) |
(U.S. dollars in
thousands) |
|
|
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
US$ thousands |
US$ thousands |
Assets |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
5,194 |
2,183 |
Trade receivables, net |
3,839 |
1,998 |
Other current assets |
237 |
461 |
Inventories |
3,647 |
3,359 |
Total Current Assets |
12,917 |
8,001 |
|
|
|
Assets held for severance benefits |
1,161 |
1,126 |
Property and equipment, net |
500 |
545 |
|
|
|
Total Assets |
14,578 |
9,672 |
|
|
|
Liabilities and Shareholders'
Equity |
|
|
Current Liabilities: |
|
|
Short term loan |
-- |
174 |
Trade payables |
1,878 |
1,234 |
Other payables and accrued liabilities |
1,933 |
1,628 |
Total Current Liabilities |
3,811 |
3,036 |
|
|
|
Principal shareholder convertible loan |
2,000 |
3,000 |
Liability in respect of employees' severance
benefits |
1,338 |
1,346 |
Total Liabilities |
7,149 |
7,382 |
|
|
|
Commitments and Contingencies |
|
|
|
|
|
Shareholders' Equity: |
|
|
Share capital |
2,782 |
1,644 |
Treasury stock |
(27) |
(27) |
Additional paid-in capital |
66,942 |
53,413 |
Accumulated deficit |
(62,268) |
(52,740) |
Total Shareholders' Equity |
7,429 |
2,290 |
|
|
|
Total Liabilities and Shareholders'
Equity |
14,578 |
9,672 |
CONTACT: COMPANY CONTACT:
Elan Yaish, CFO
+972-77-270-7210
elan.yaish@rittech.com
or
KCSA Strategic Communication
Jeffrey Goldberger/Rob Fink
212-896-1249/212-896-1206
jgoldberger@kcsa.com / rfink@kcsa.com
RIT Technologies (CE) (USOTC:RITT)
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