B.O.S. Reports Third Quarter of the Year 2022 Financial Results
30 Novembre 2022 - 1:00PM
BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:
BOSC) reported its financial results for the third quarter of the
year 2022.
Revenues for the third quarter of 2022 grew by
13% to $9 million from $8 million in the comparable quarter last
year.
Gross profit margin for the third quarter of
2022 improved to 22.1%, compared to 19.6% in the comparable quarter
last year.
Operating profit for the third quarter amounted
to $235,000 compared to an operating profit of $96,000 in the
comparable quarter last year.
EBITDA for the third quarter amounted to
$352,000 compared to $178,000 in the comparable quarter last
year.
Net income for the third
quarter of 2022 amounted to $274,000 or $0.05 per basic share
compared to $87,000 or $0.02 per basic share in the comparable
quarter last year.
Eyal Cohen, BOS's CEO stated: "We concluded the first nine
months of 2022 with $30 million of revenues, EBITDA of $1.6 million
and net income of $745,000. Financial expenses during that period
included a cost of $342,000 that was attributed to foreign exchange
differences between the Israeli NIS and the US dollar. These
results are in line with our financial targets for the year 2022,
which are revenues of over $39 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 nine months
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 Wednesday, November 30, 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 BOSBOS 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
OPERATIONSU.S. dollars in thousands
|
|
Nine months
endedSeptember 30,
|
|
Three months endedSeptember
30,
|
|
|
|
2022
|
|
|
|
2021
|
|
|
|
2022
|
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
Revenues
|
|
$
|
30,183
|
|
|
$
|
24,555
|
|
|
$
|
9,045
|
|
|
$
|
7,998
|
|
Cost of revenues
|
|
|
23,713
|
|
|
|
19,697
|
|
|
|
7,046
|
|
|
|
6,423
|
|
Gross profit
|
|
|
6,470
|
|
|
|
4,858
|
|
|
|
1,999
|
|
|
|
1,575
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
128
|
|
|
|
154
|
|
|
|
40
|
|
|
|
40
|
|
Sales and marketing
|
|
|
3,599
|
|
|
|
2,902
|
|
|
|
1,215
|
|
|
|
973
|
|
General and administrative
|
|
|
1,508
|
|
|
|
1,343
|
|
|
|
509
|
|
|
|
466
|
|
Total operating costs and expenses
|
|
|
5,235
|
|
|
|
4,399
|
|
|
|
1,764
|
|
|
|
1,479
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
1,235
|
|
|
|
459
|
|
|
|
235
|
|
|
|
96
|
|
Financial expenses, net
|
|
|
(532
|
)
|
|
|
(107
|
)
|
|
|
(3
|
)
|
|
|
(9
|
)
|
Other income, net
|
|
|
42
|
|
|
|
-
|
|
|
|
42
|
|
|
|
-
|
|
Income before taxes on income
|
|
|
745
|
|
|
|
352
|
|
|
|
274
|
|
|
|
87
|
|
Taxes on income
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
-
|
|
Net income
|
|
$
|
745
|
|
|
$
|
351
|
|
|
$
|
274
|
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income per share
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.05
|
|
|
$
|
0.02
|
|
Weighted average number of shares used in computing basic net
income per share
|
|
|
5,498
|
|
|
|
5,201
|
|
|
|
5,702
|
|
|
5,223
|
|
Weighted average number of shares used in computing diluted net
income per share
|
|
|
5,542
|
|
|
|
5,421
|
|
|
|
5,729
|
|
|
5,613
|
|
|
|
|
|
|
|
|
|
|
Number of outstanding shares as of September 30, 2022 and
2021
|
|
|
5,702
|
|
|
|
5,237
|
|
|
|
5,702
|
|
|
5,237
|
|
CONSOLIDATED BALANCE
SHEETS(U.S. dollars in thousands)
|
|
September
30,2022
|
|
|
December 31,2021
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,213
|
|
$
|
1,875
|
|
Restricted bank deposits
|
|
|
129
|
|
|
242
|
|
Trade receivables
|
|
|
10,405
|
|
|
9,209
|
|
Other accounts receivable and prepaid expenses
|
|
|
1,177
|
|
|
977
|
|
Inventories
|
|
|
6,340
|
|
|
5,567
|
|
|
|
|
|
|
|
Total current assets
|
|
|
19,264
|
|
|
17,870
|
|
|
|
|
|
|
|
LONG-TERM ASSETS
|
|
|
257
|
|
|
150
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
|
3,037
|
|
|
1,097
|
|
|
|
|
|
|
|
OPERATING LEASE RIGHT-OF-USE ASSETS, NET
|
|
|
1,172
|
|
|
944
|
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS, NET
|
|
|
517
|
|
|
20
|
|
|
|
|
|
|
|
GOODWILL
|
|
|
4,895
|
|
|
4,676
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
29,142
|
|
$
|
24,757
|
|
CONSOLIDATED BALANCE
SHEETS(U.S. dollars in thousands)
|
|
September
30,2022
|
|
December 31,2021
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Short term loans
|
|
$
|
360
|
|
$
|
-
|
|
Current maturities of long-term loans
|
|
|
577
|
|
|
740
|
|
Operating lease liabilities, current
|
|
|
361
|
|
|
538
|
|
Trade payables
|
|
|
6,888
|
|
|
5,200
|
|
Employees and payroll accruals
|
|
|
872
|
|
|
996
|
|
Deferred revenues
|
|
|
471
|
|
|
917
|
|
Advances net of inventory in process
|
|
|
215
|
|
|
249
|
|
Accrued expenses and other liabilities
|
|
|
402
|
|
|
112
|
|
|
|
|
|
|
Total current liabilities
|
|
|
10,146
|
|
|
8,752
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Long-term loans, net of current maturities
|
|
|
1,430
|
|
|
681
|
|
Operating lease liabilities, non-current
|
|
|
822
|
|
|
565
|
|
Long-term deferred revenues
|
|
|
415
|
|
|
132
|
|
Accrued severance pay
|
|
|
245
|
|
|
280
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
2,912
|
|
|
1,658
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
16,084
|
|
|
14,347
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
29,142
|
|
$
|
24,757
|
|
CONDENSED CONSOLIDATED EBITDA
(U.S. dollars in thousands)
|
|
Nine months
endedSeptember 30,
|
|
Three months endedSeptember
30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
1,235
|
|
$
|
459
|
|
$
|
235
|
|
$
|
96
|
Add:
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
76
|
|
|
15
|
|
|
31
|
|
|
5
|
Stock-based compensation
|
|
|
75
|
|
|
44
|
|
|
25
|
|
|
13
|
Depreciation
|
|
|
179
|
|
|
175
|
|
|
61
|
|
|
64
|
EBITDA
|
|
$
|
1,565
|
|
$
|
693
|
|
$
|
352
|
|
$
|
178
|
SEGMENT INFORMATION(U.S. dollars
in thousands)
|
|
RFID
|
|
Supply Chain Solutions
|
|
Intelligent
Robotics
|
|
Intercompany
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended September 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
11,046
|
|
$
|
18,442
|
|
|
695
|
|
|
|
|
$
|
30,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
2,591
|
|
|
3,881
|
|
|
(2
|
)
|
|
-
|
|
|
6,470
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses
|
|
|
1,889
|
|
|
2,436
|
|
|
347
|
|
|
-
|
|
|
4,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses*
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
563
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
$
|
702
|
|
$
|
1,445
|
|
$
|
(349
|
)
|
|
-
|
|
|
1,235
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income and other income, net
|
|
|
|
|
|
|
|
|
|
|
(490
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
$
|
745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID
|
|
Supply Chain Solutions
|
|
Intelligent Robotics
|
|
Intercompany
|
|
Consolidated
|
|
|
|
|
|
Nine months
endedSeptember
30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
9,193
|
|
$
|
14,168
|
|
1,340
|
|
|
$
|
(146
|
)
|
|
$
|
24,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
|
2,212
|
|
|
2,683
|
|
(37
|
)
|
|
|
-
|
|
|
|
4,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses
|
|
|
|
1,641
|
|
|
1,788
|
|
452
|
|
|
|
-
|
|
|
|
3,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses*
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
518
|
|
Income (loss) from operations
|
|
$
|
571
|
|
$
|
895
|
|
$
|
(489
|
)
|
|
|
-
|
|
|
|
459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income
|
|
|
|
|
|
|
|
|
|
|
(108
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
$
|
351
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION(U.S. dollars
in thousands)
|
|
|
RFID
|
|
Supply Chain Solutions
|
|
IntelligentRobotics
|
|
Intercompany
|
|
Consolidated
|
|
|
|
|
|
Three months
ended September
30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
3,352
|
|
$
|
5,570
|
|
$
|
123
|
|
|
|
|
$
|
9,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
676
|
|
|
1,306
|
|
|
|
17
|
|
|
|
-
|
|
|
1,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses
|
|
|
|
636
|
|
|
851
|
|
|
76
|
|
|
-
|
|
|
1,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses*
|
|
|
|
|
|
|
|
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
$
|
40
|
|
$
|
455
|
|
$
|
(59
|
)
|
|
-
|
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income and tax on income and other income, net
|
|
|
|
|
|
|
|
|
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$
|
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RFID
|
|
Supply Chain Solutions
|
|
Intelligent Robotics
|
|
Intercompany
|
|
Consolidated
|
|
|
|
|
|
Three months
endedSeptember
30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
$
|
2,871
|
|
$
|
4,919
|
|
$
|
304
|
|
|
$
|
(96
|
)
|
|
$
|
7,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss)
|
|
|
|
660
|
|
|
984
|
|
|
(69
|
)
|
|
|
-
|
|
|
|
1,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses
|
|
|
|
529
|
|
|
640
|
|
|
116
|
|
|
|
-
|
|
|
|
1,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses*
|
|
|
|
|
|
|
|
|
|
|
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
$
|
131
|
|
$
|
344
|
|
$
|
(185
|
)
|
|
|
-
|
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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.
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