Archive for December, 2011

RiT Technologies Ltd. (RITT) rises on news of expansion in Africa

Tuesday, December 6th, 2011

Shares of communications network solutions provider RiT Technologies Ltd. (RITT) rose as much as 47 percent from Monday’s closing price in morning trading on Tuesday. RITT touched a high of $4.75 on Tuesday morning, up from Monday’s closing price of $3.22.

On Tuesday, the Tel Aviv-based RiT Technologies announced that it appointed Peter Leonard to become its Country Sales Manager for South Africa. According to a December 6 press release, RiT’s has built momentum in the region over the past year, beginning with sales to Botswana Teclecommunications Corp. and Vodafone Ghana, and followed by the signing of distribution/marketing agreements with Kenya’s Adwest communications, Mart Network Solutions/Giganet Networking Solutions and Adcare.

RiT Technologies’ president and CEO, Eran Ayzik commented that Africa is a “land in transformation, and a key enabler of change is the ongoing overhaul of its communications and IT networks.”

The company has also increased its presence in China, opening a new office in Shanghai several months ago as part of its strategic focus on the Chinese market.

“The establishment of our second office in Chinademonstrates the success of our strategy to build our business in this rapidly-growing market with high potential for IIM sales,” Ayzik said in a September 13 press release.  “Our unique approach to the market, including our partnership with superbly qualified, well-connected integrators and the offering of customized solutions, has started to pay off, and we believe thatChina will continue growing in importance as a driver of our future sales.”

For the third quarter ended September 30, RiT Technologies reported revenue of $3.7 million, a 38 percent increase over revenue of $2.7 million in the same period a year ago, and a 7 percent sequential increase over the second quarter. The company’s third quarter net loss increased 1 percent to $854,000 or 19 cents per share, compared to a net loss of $843,000 or 26 cents per share for the third quarter of 2010.

“Our third quarter results reflect continued strong momentum in the areas of product development, partnership building and marketing & sales, all of which are creating a solid platform for future growth,” Ayzik said in an October 26 press release. ” Our efforts to broaden our sales and marketing activities are raising RiT’s exposure in emerging markets and enabling us to better serve our customers. This was highlighted during the quarter by our opening of a second sales office in China. And we intend to duplicate this effort in other high growth, emerging regions.”Parallel to our marketing activities, we continue to develop our product portfolio, improve our supply chain and deepen our strategic partnerships in order to well-position the Company for further growth.”

Shares of RITT are down about 6 percent in the past three months.

iGo, Inc. (IGOI) shares soar on higher-than-usual volume

Monday, December 5th, 2011

Shares of power products maker iGo, Inc. (Nasdaq: IGOI) were up as much as 45 percent from Friday’s closing price in morning trading on Monday. Shares touched an intraday high of $1.28, up from Friday’s closing price of $0.88.

The Scottsdale-based company and its subsidiaries engage in the design, development, manufacture, and distribution of power products for high-power and low-power mobile electronic devices. The company’s products include AC/DC universal power adapters, DC-only power adapters, AC-only power adapters, DC cigarette lighter adapters, mobile AC adapters, combination AC/DC adapters, and battery-powered adapters. It also provides mobile device accessories, such as monitor stands, portable computer stands, and foldable keyboards.

For the three months ended September 30, iGo, Inc. reported revenue of $9.6 million, a decrease of 20 percent compared to revenue of $12.2 million reported in the same three month period in 2010. The company reported a net loss of $2.2 million, or $0.07 per share, compared to net income of $51,000, or break even in the same period a year ago. For the nine months ended September 30, iGo, Inc.’s revenue fell to $29.7 million, from $30.1 million in the same nine month period in 2010. The company’s net loss for the nine months ended September 30 was $5.8 million, or $0.17 per share, compared to net income of $419,000, or $0.01 per share in the same nine month period a year ago.

The quarterly revenue drop was primarily due to the decrease in sales to RadioShack and Belkin, offset by the addition of battery, audio and protection product lines as a result of Adapt and Aerial7 acquisitions in the second half of 2010 and the Pure Energy relationship in the first quarter of 2011, combined with the increases in sales to Walmart.

Shares of IGOI are down about 15 percent over the past three months.