News Banner

Vendor News Page

RIT Technologies reports Q4 and full-year 2007 results

2008-02-07 14:50:50
 

RiT Technologies announced financial results for the fourth quarter and full-year period ended December 31, 2007. Revenues for the fourth quarter of 2007 were $8.8 million, an 80% increase comparedto $4.9 million for the third quarter of 2007, and a 24% increase compared to $7.1 million for the fourth quarter of 2006.

Net income for the quarter was $92,000, or $0.01 per basic and diluted share. This compares with a net loss of $2.8 million, or $0.19 per basic and diluted share, for the third quarter of 2007, and net income of $101,000, or $0.01 per basic and diluted share, for the fourth quarter of 2006. For the twelve month period, revenues were $23.4 million compared with $25.1 million for 2006.

Net loss for the period was $5.3 million, or $0.36 per share (basic and diluted) compared with $1.7 million, or $0.12 per share (basic and diluted) for 2006. The results for the twelve-month period included a write-off of $1.8 million for slow-moving inventory reflected in Cost of Sales, and non-cash share-based compensation expense of $408,000. The results of 2006 included non-cash share-based compensation expense of $500,000.