TEL AVIV, Israel, Oct. 29, 2009 (PRNewswire-FirstCall) -- RiT Technologies (NASDAQ: RITT), today announced its financial results for the third quarter and nine month period ended September 30, 2009.

Revenues for the third quarter of 2009 were $2.5 million, up 4% compared sequentially to $2.4 million in the second quarter of 2009 and 56% compared with the first quarter of 2009. Revenues for the third quarter of 2008 were $7.3 million. Net loss for the quarter was $(1.5) million, or $(0.59) per share (basic and diluted), compared with $(1.4) million for the second quarter of 2009 and $(2.0) million for the first quarter of 2009. Net income for the third quarter of 2008 was $1.1 million.

Revenues for the nine month period ended September 30, 2009 were $6.4 million compared with $18.0 million for the first nine months of 2008. Net loss for the period was $(4.9) million or $(1.87) per share (basic and diluted) compared with $(0.5) million or $(0.26) per share (basic and diluted) for the first nine months of 2008.

Comments of Management

"We have reported a 4% increase in revenues compared to the second quarter, giving us top line growth of 56% compared to the first quarter of this year," commented Mr. Avi Kovarsky, RiT's President & CEO. "However, this was well below our expectations, reflecting delays that we experienced in the closing of several sizeable Enterprise and Carrier orders. We are fully focused on closing these orders by the end of the year, and continue to work aggressively to close all of the deals in our sales pipeline. In parallel, we continue to pursue efficiency throughout the organization with the goal of preserving our cash."

Mr. Kovarsky continued, "From a products perspective, during the third quarter we rolled out two products: PatchView Version 6, whose features offer enhanced support for the datacenter environment; and the EPV, a standalone infrastructure management solution. To round out our positioning, we also continued to build out our local representation in key growth markets, as demonstrated by the strategic representative agreement that we signed during the quarter with a company based in Singapore.

"We believe the combination of sales activities focused on high-potential markets and the right products will enable us to report improved results in the future."

Conference Call Details

The Company will host a conference call to discuss these results today, Thursday, October 29th, at:

    10:15 a.m. Eastern Daylight Time
9:15 a.m.  Central Daylight Time
8:15 a.m.  Mountain Daylight Time
7:15 a.m.