BOS Reports Second Quarter of the Year 2022 Financial Results
23 Agosto 2022 - 1:00PM
BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:
BOSC) reported its financial results for the second quarter of the
year 2022.
Revenues for the second quarter of 2022 grew by 12% to $10.3
million from $9.2 million in the comparable quarter last year.
Gross profit margin for the second quarter of 2022 improved to
21.4%, compared to 17.3% in the comparable quarter last year.
Operating profit for the second quarter grew by 315% to $537,000
compared to an operating profit of $129,000 in the comparable
quarter last year.
EBITDA for the second quarter increased to $652,000 from
$207,000 in the comparable quarter last year.
Financial expenses for the second quarter of 2022 increased to
$378,000 compared to a financial income of $13,000 in the
comparable quarter last year. This increase in expenses is
attributed to foreign exchange differences between the Israeli NIS
and the US dollar.
As of June 30, 2022, we had $3.2 million of net assets linked to
the Israeli NIS. The devaluation of the Israeli NIS against the US
dollar by 10.2% during the second quarter of 2022 caused expenses
in the amount of $320,000. Conversely, this devaluation reduced our
operating expenses by approximately $40,000. The devaluation of the
US dollar against the Israeli NIS commencing July 1, 2022, is
expected to generate income from foreign exchange differences in
the third quarter of 2022.
As a result of the above, net income for the second quarter of
2022 was $159,000 or $0.03 per basic share compared to a net income
of $141,000 or $0.03 per basic share in the comparable quarter last
year.
Eyal Cohen, BOS's CEO stated: "I am encouraged by the growth of
27.6% in revenues and of 175% in operating profit in the first six
months of the year 2022 as compared to the corresponding period
last year. We have a relatively strong backlog that is expected to
support this trend in the second half of 2022. This advances us
towards meeting our financial targets for the year 2022, which are
revenues of over $35 million (compared to $33.6 million in the year
2021) and net income in excess of $1 million (compared to a net
income of $451,000 in the year 2021.)”
Ziv Dekel, BOS's Chairman stated: “During the first half of
2022, the Company continued the execution of its turnaround
process, which has led to encouraging financial results. Led by
Eyal, BOS' management is focused on growth initiatives, and is
working diligently towards realizing its potential.”
BOS will host a conference call on Tuesday, August 23, 2022, at
9:00 a.m. EDT - 4:00 p.m., Israel Time. A question-and-answer
session will follow management's presentation.
To access the conference call, please dial one of the following
numbers:US: +1-888-281-1167, International: +972-3-9180644.
For those unable to listen to the live call, a replay of the
call will be available the next day on the BOS
website: www.boscom.com
About BOS
BOS provides services and systems for inventory production and
management in three channels:
- Services – The Supply Chain division provides inventory
procurement and kitting.
- Integration – the RFID division provides off-the-shelf software
and equipment to track and manage inventory in the production floor
and warehouse.
- Development – the Intelligent Robotics division develops and
builds custom-made robotic cells for industrial and logistic
processes.
Contact:Eyal Cohen, CEO+972-542525925
| eyalc@boscom.com
Use of Non-GAAP Financial InformationBOS
reports financial results in accordance with US GAAP and herein
provides some non-GAAP measures. These non-GAAP measures are not in
accordance with, nor are they a substitute for, GAAP measures.
These non-GAAP measures are intended to supplement the Company's
presentation of its financial results that are prepared in
accordance with GAAP. The Company uses the non-GAAP measures
presented to evaluate and manage the Company's operations
internally. The Company is also providing this information to
assist investors in performing additional financial analysis that
is consistent with financial models developed by research analysts
who follow the Company. The reconciliation set forth below is
provided in accordance with Regulation G and reconciles the
non-GAAP financial measures with the most directly comparable GAAP
financial measures.
Safe Harbor Regarding Forward-Looking
StatementsThe forward-looking statements contained herein
reflect management's current views with respect to future events
and financial performance. These forward-looking statements are
subject to certain risks and uncertainties that could cause the
actual results to differ materially from those in the
forward-looking statements, all of which are difficult to predict
and many of which are beyond the control of BOS. These risk factors
and uncertainties include, amongst others, the dependency of sales
being generated from one or few major customers, the uncertainty of
BOS being able to maintain current gross profit margins, inability
to keep up or ahead of technology and to succeed in a highly
competitive industry, failure to successfully integrate and achieve
the potential benefits of the acquisition of the business
operations of Imdecol Ltd. (the Robotics business line) and of
Dagesh Inventory Counting and Maintenance Ltd., inability to
maintain marketing and distribution arrangements and to expand our
overseas markets, uncertainty with respect to the prospects of
legal claims against BOS, the effect of exchange rate fluctuations,
general worldwide economic conditions, the impact of the COVID-19
virus and continued availability of financing for working capital
purposes and to refinance outstanding indebtedness; and additional
risks and uncertainties detailed in BOS' periodic reports and
registration statements filed with the US Securities and Exchange
Commission. BOS undertakes no obligation to publicly update or
revise any such forward-looking statements to reflect any change in
its expectations or in events, conditions or circumstances on which
any such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements.
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
Three months ended |
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
21,138 |
|
|
$ |
16,557 |
|
|
$ |
10,350 |
|
|
$ |
9,229 |
|
Cost of revenues |
|
|
16,667 |
|
|
|
13,274 |
|
|
|
8,130 |
|
|
|
7,626 |
|
Gross profit |
|
|
4,471 |
|
|
|
3,283 |
|
|
|
2,220 |
|
|
|
1,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
87 |
|
|
|
114 |
|
|
|
36 |
|
|
|
54 |
|
Sales and marketing |
|
|
2,340 |
|
|
|
1,929 |
|
|
|
1,176 |
|
|
|
977 |
|
General and administrative |
|
|
999 |
|
|
|
877 |
|
|
|
471 |
|
|
|
443 |
|
Acquisition expenses |
|
|
44 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total operating costs and
expenses |
|
|
3,470 |
|
|
|
2,920 |
|
|
|
1,683 |
|
|
|
1,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,001 |
|
|
|
363 |
|
|
|
537 |
|
|
|
129 |
|
Financial income (expenses),
net |
|
|
(529 |
) |
|
|
(98 |
) |
|
|
(378 |
) |
|
|
13 |
|
Income before taxes on
income |
|
|
472 |
|
|
|
265 |
|
|
|
159 |
|
|
|
142 |
|
Taxes on income |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
Net income |
|
$ |
472 |
|
|
$ |
264 |
|
|
$ |
159 |
|
|
$ |
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income
per share |
|
$ |
0.09 |
|
|
$ |
0.05 |
|
|
$ |
0.03 |
|
|
$ |
0.03 |
|
Weighted average number of
shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
basic net income per share |
|
|
5,395 |
|
|
|
5,188 |
|
|
|
5,538 |
|
|
|
5,219 |
|
Weighted average number of
shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
diluted net income per share |
|
|
5,438 |
|
|
|
5,216 |
|
|
|
5,570 |
|
|
|
5,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of outstanding shares
as of June 30, 2022 and 2021 |
|
|
5,702 |
|
|
|
5,224 |
|
|
|
5,702 |
|
|
|
5,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,120 |
|
$ |
1,875 |
|
Restricted bank deposits |
|
|
130 |
|
|
242 |
|
Trade receivables |
|
|
10,039 |
|
|
9,209 |
|
Other accounts receivable and prepaid expenses |
|
|
1,324 |
|
|
977 |
|
Inventories |
|
|
5,618 |
|
|
5,567 |
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
18,231 |
|
|
17,870 |
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS |
|
|
160 |
|
|
150 |
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET |
|
|
1,373 |
|
|
1,097 |
|
|
|
|
|
|
|
|
|
OPERATING LEASE RIGHT-OF-USE
ASSETS, NET |
|
|
721 |
|
|
944 |
|
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS,
NET |
|
|
548 |
|
|
20 |
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
4,895 |
|
|
4,676 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
25,928 |
|
$ |
24,757 |
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
2022 |
2021 |
|
|
(Unaudited) |
|
(Audited) |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Current maturities of long term loans |
|
$ |
573 |
|
$ |
740 |
Operating lease liabilities, current |
|
|
352 |
|
|
538 |
Trade payables |
|
|
6,031 |
|
|
5,200 |
Employees and payroll accruals |
|
|
992 |
|
|
996 |
Deferred revenues |
|
|
422 |
|
|
917 |
Advances net of inventory in process |
|
|
144 |
|
|
249 |
Accrued expenses and other liabilities |
|
|
335 |
|
|
112 |
|
|
|
|
|
Total current liabilities |
|
|
8,849 |
|
|
8,752 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Long-term loans, net of current maturities |
|
|
317 |
|
|
681 |
Operating lease liabilities, non-current |
|
|
403 |
|
|
565 |
Long term deferred revenues |
|
|
327 |
|
|
132 |
Accrued severance pay |
|
|
249 |
|
|
280 |
|
|
|
|
|
Total long-term liabilities |
|
|
1,296 |
|
|
1,658 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY |
|
|
15,783 |
|
|
14,347 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
25, 928 |
|
$ |
24,757 |
|
|
|
|
|
CONDENSED CONSOLIDATED EBITDA |
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
June 30, |
June 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
1,001 |
|
$ |
363 |
|
$ |
537 |
|
$ |
129 |
Add: |
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
45 |
|
|
10 |
|
|
31 |
|
|
5 |
Stock-based compensation |
|
|
50 |
|
|
31 |
|
|
25 |
|
|
16 |
Depreciation |
|
|
118 |
|
|
111 |
|
|
60 |
|
|
57 |
EBITDA |
|
$ |
1,214 |
|
$ |
515 |
|
$ |
653 |
|
$ |
207 |
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID |
|
SupplyChainSolutions |
|
|
IntelligentRobotics |
|
Intercompany |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
7,693 |
|
|
$ |
12,873 |
|
|
$ |
572 |
|
|
$ |
- |
|
|
$ |
21,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
1,915 |
|
|
|
2,575 |
|
|
|
(19 |
) |
|
|
- |
|
|
|
4,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses |
|
|
1,209 |
|
|
|
1,585 |
|
|
|
271 |
|
|
|
- |
|
|
|
3,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition expenses |
|
|
44 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses* |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
662 |
|
|
$ |
990 |
|
|
$ |
(290 |
) |
|
|
- |
|
|
|
1,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID |
|
SupplyChainSolutions |
|
|
IntelligentRobotics |
|
Intercompany |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
6,322 |
|
|
$ |
9,249 |
|
|
$ |
1,036 |
|
|
$ |
(50 |
) |
|
$ |
16,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,553 |
|
|
|
1,699 |
|
|
|
31 |
|
|
|
- |
|
|
|
3,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses |
|
|
1,112 |
|
|
|
1,148 |
|
|
|
336 |
|
|
|
- |
|
|
|
2,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
441 |
|
|
$ |
551 |
|
|
$ |
(305 |
) |
|
|
|
|
|
|
363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(99 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
264 |
|
* Unallocated operating expenses include costs not specific to a
particular segment but are general to the group, such as expenses
incurred for insurance of directors and officers, public company
fees, legal fees, and other similar corporate costs.
|
SEGMENT INFORMATION |
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID |
|
SupplyChainSolutions |
|
IntelligentRobotics |
|
|
Intercompany |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
3,590 |
|
$ |
6,366 |
|
$ |
394 |
|
|
$ |
- |
|
$ |
10,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
885 |
|
|
1,332 |
|
|
3 |
|
|
|
- |
|
|
2,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses |
|
|
566 |
|
|
809 |
|
|
129 |
|
|
|
- |
|
|
1,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses* |
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
319 |
|
$ |
523 |
|
$ |
(126 |
) |
|
|
- |
|
|
537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID |
|
SupplyChainSolutions |
|
IntelligentRobotics |
|
|
Intercompany |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
3,374 |
|
$ |
5,295 |
|
$ |
582 |
|
|
$ |
(22 |
) |
$ |
9,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
706 |
|
|
1,050 |
|
|
(153 |
) |
|
|
- |
|
|
1,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses |
|
|
567 |
|
|
612 |
|
|
138 |
|
|
|
- |
|
|
1,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155 |
|
|
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
139 |
|
$ |
438 |
|
$ |
(291 |
) |
|
|
- |
|
|
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income and tax on income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
141 |
|
* Unallocated operating expenses include costs not specific to a
particular segment but are general to the group, such as expenses
incurred for insurance of directors and officers, public company
fees, legal fees, and other similar corporate costs.
Grafico Azioni BOS Better Online Soluti... (NASDAQ:BOSC)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni BOS Better Online Soluti... (NASDAQ:BOSC)
Storico
Da Lug 2023 a Lug 2024