Rutter Releases Second Quarter Unaudited Financial Statements

ST. JOHN'S, April 11, 2013 /CNW/ - Today, Rutter Inc. (TSX: RUT) released its unaudited second quarter consolidated financial statements for the six month period ended February 28, 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		Q2 2013			Q2 2012			YTD 2013			YTD 2012
Third party manufacturing		$	3,349		$	3,806		$	7,311		$	8,210
Company owned products			771			1,416			2,317			2,465
		$	4,120		$	5,222		$	9,628		$	10,675
EBITDA^(1)		$	(391)		$	762		$	236		$	885
Net loss		$	(1,064)		$	(107)		$	(1,074)		$	(624)
Earnings (loss) per share		$	(0.014)		$	-		$	(0.014)		$	-

(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.

Third party manufacturing revenue decreases in the current quarter and year reflect reduced government military spending as expected.

Company owned products revenue decreased in the second quarter of the current year and on a year to date basis due to a decrease in the number of Oil Spill Detection Radar systems sold. The significant decrease was partially offset with the addition of revenue from the Company's newly acquired subsidiary, OceanWaveS GmbH, which develops and supplies radar-based wave and surface current measurement technology. Subsequent to the quarter end, significant purchase orders for Oil Spill Detection Radar systems have been received, indicating that the second half of the year will be stronger than the first half.

The Company's reduced EBITDA performance in the second quarter and year to date was primarily due to decreased revenues from both third party manufacturing and company owed products. Higher selling, general and administrative costs as a result of the acquisition in the first quarter and decreased gross profit resulting from a change in the mix of products sold also negatively impacted EBITDA.

Commenting on the quarter, Fraser Edison, CEO, noted "the performance in the quarter was disappointing primarily due to delays in receipt of orders from our company owned products' customers and we look forward to improved EBITDA performance as orders progress through the system.  We are also currently fully engaged in the integration of our most recent acquisition, OceanWaveS. Combining OceanWaveS' wave and current measuring capabilities with Rutter's sigma S6 technology is expected to provide an advantage in each of our key markets such as oil spill detection, ice navigation and small target detection."

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.

Fraser Edison, President and Chief Executive Officer, Rutter Inc. [phone]