RiT Technologies Reports Q1 2009 Results

Tuesday, May 05, 2009 8:05 AM

TEL AVIV, Israel, May 5 /PRNewswire-FirstCall/ -- RiT Technologies (NASDAQ: RITT), today announced its financial results for the first quarter ended March 31, 2009.

Revenues for the first quarter of 2008 were $1.6 million compared with $4.8 million for the first quarter of 2008. Net loss for the quarter was $(1.95) million, or $(0.09) per share (basic and diluted), compared to $(1.1) million, or $(0.08) per share (basic and diluted), for the first quarter of 2008.

Comments of Management

'Our first quarter results were far below our expectations, reflecting the severity of the global credit crunch and the uncertainty that has gripped our target markets, causing potential customers to freeze and/or delay infrastructure initiatives,' commented Mr. Avi Kovarsky, RiT's President & CEO.

'Although it is difficult to make projections regarding our future performance, we have cause for cautious optimism regarding the second half of the year. This reflects several encouraging factors:

    - Sales pipeline: Our sales pipeline continues to include
      significant opportunities on both the Enterprise and Carrier sides of
      our business.
    - Professional services: We have begun rolling out our
      Professional Services strategy and expect to enjoy the contribution of
      Professional Service revenues beginning in the second quarter.
    - Tight control of the company expenses: We are focusing on
      preserving our cash flow to minimize the cash flow burn.'

Mr. Kovarsky concluded, 'As such, despite the continued uncertain market conditions, our Management and Board of Directors remain confident that we will be able to ride out today's difficult environment and rebound strongly as markets recover.'

Conference Call Details

The Company will host a conference call to discuss these results today, Tuesday, May 5th, at:

         10:00 a.m. Eastern Daylight Time
          9:00 a.m. Central Daylight Time
          8:00 a.m. Mountain Daylight Time
          7:00 a.m. Pacific Daylight Time
         17:00 Israel Time

To participate, please call one of the following teleconferencing numbers approximately 5-10 minutes prior to the scheduled start of the call:

U.S. (toll free) - 1-888-723-3164

International - +972-3-918-0664

To participate in the webcast of the call, please log-in about 5-10 minutes prior to the start of the call as follows: http://www.videonewswire.com/event.asp?id=58408

For those unable to participate, the teleconference will be archived for replay for 14 days at the same url address, beginning 12 o'clock noon (EDT) the day of the call.

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