Rutter Releases Third Quarter Unaudited Financial Statements

ST. JOHN'S, July 5, 2013 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited third quarter consolidated financial statements for the nine month period ended May 31, 2013.

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     Q3 2013     Q3 2012     YTD 2013     YTD 2012
                         
Third party manufacturing    $ 3,080   $ 3,776   $ 10,391   $ 11,986
                         
Company owned products     1,745     1,216     4,061     3,680
    $ 4,825   $ 4,992   $ 14,452   $ 15,666
EBITDA(1)   $ 470   $ 22   $ 705   $ 906
Net loss   $ (129)   $ (1,199)   $ (1,203)   $ (1,825)
                         
Earnings (loss) per share   $ (0.002)   $ (0.016)   $ (0.015)   $ (0.024)

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


As expected, reduced government military spending resulted in third party manufacturing revenue decreases in the current quarter and year to date. Company owned products revenue increased in the third quarter of the current year and on a year to date basis due to the addition of revenue from the Company's subsidiary, OceanWaveS GmbH, acquired in the second quarter, which develops and supplies radar-based wave and surface current measurement technology.

The Company's improved EBITDA performance in the third quarter is due primarily to higher gross profit achieved from a larger proportion of revenues coming from higher margin company owned products.

Commenting on the quarter, Fraser Edison, CEO, noted "we are pleased with the improved performance in the third quarter and that activity levels in the company owned products continue to be strong as we progress through the fourth quarter.  Our continued emphasis on an active product development program for our Company Owned Products will ensure our role as product leaders in the marketplace and is expected to result in this revenue source becoming an increasing proportion of the Company's revenue base. Efforts to diversify our customer base in the third party manufacturing business have resulted in orders from new customers over the past few months.  The addition of new customers and our expectation that activity levels with our current military customer will rebound over the longer term will also help ensure the long-term viability of this revenue stream."

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

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RUTTER INC.

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