Rutter Releases Second Quarter Unaudited Financial Statements

ST. JOHN'S, April 14, 2014 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited condensed consolidated interim financial statements for the quarter ended February 28, 2014.

Summary financial information is provided in this press release which should be read in conjunction with the condensed consolidated interim financial statements and MD&A available on the Company's web site at www.rutter.ca or on SEDAR at www.sedar.com.

SUMMARY OF RESULTS

The Company's quarterly results are summarized in the tables below:

Revenue   Q2 2014   Q2 2013   YTD 2014   YTD 2013
                         
Third party  manufacturing   $ 1,899   $ 3,349   $ 3,649   $ 7,311
Company owned products     1,807     771     2,959     2,317
    $ 3,706   $ 4,120   $ 6,608   $ 9,628
EBITDA(1)   $ (10)   $ (391)   $ (529)   $ 236
Net loss   $ (305)   $ (1,064)   $ (1,394)   $ (1,074)
Loss per share   $ (0.004)   $ (0.014)   $ (0.018)   $ (0.014)

(1) EBITDA is identified in the Company's financial statements as "Earnings (loss) before undernoted items" and is more fully defined in the Company's financial statements and MD&A.


Commenting on the quarter, Fraser Edison, CEO, noted "our Products revenue stream performed very well this quarter, surpassing last year's revenues both for the quarter and year to date whereas our third party manufacturing revenues continue to be lower than the prior year due to reduced military spending. In response to our lower overall revenue stream, we have successfully reduced expenses both at the cost of sales and selling, general and administrative lines in the Canadian entity; however, these savings are more than offset by the inclusion of our German subsidiary expenses for six months this year versus four months last year as well as the impact of the stronger Euro this year on the translation of the subsidiary financial statements into the consolidated results."

About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca

About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the real time measurement of directional ocean wave spectra.    OceanWaveS' customer base includes operators in offshore oil development interested in operational safety and efficiency, navies pursuing greater understanding of ship stability and motion prediction, and coastal monitoring stations concerned with vessel traffic management and coastline erosion monitoring.   For more information see www.oceanwaves.org

Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Rutter Inc.

For further information:

Fraser Edison, President and Chief Executive Officer, Rutter Inc. +1 709 576 6666