BOS Reports Financial Results for the First Quarter of the Year 2023
2023年5月30日 - 9:30PM
BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:
BOSC) reported its financial results for the first quarter of the
year 2023.
First Quarter 2023 Financial
Highlights:
- Revenues grew by 12% to $12.1
million from $10.8 million in the first quarter of the year
2022;
- Gross
profit margin improved to 21.9% compared to 20.9% in the
first quarter of the year 2022;
-
Operating profit for the first quarter of 2023
increased by 94% to $902,000 compared to $465,000 in the first
quarter of the year 2022;
-
EBITDA for the first quarter of 2023 increased by
84% to $1,034,000 compared to $562,000 in the first quarter of the
year 2022;
-
Financial expenses increased to $246,000 from
$151,000 in the first quarter of the year 2022;
- Net
income for the first quarter of 2023 increased by 109% to
$656,000 or $0.12 per basic share compared to $314,000 or $0.06 per
basic share in the first quarter of the year 2022;
Eyal Cohen, BOS' CEO stated: "We have
invested extensive managerial resources in expanding our offerings
to include complementary technologies and services. I am pleased to
see the positive results yielded by these efforts both in the year
2022 and in the first quarter of 2023."
Ziv Dekel, BOS’ Chairman, stated: "BOS'
Board of directors and management have been executing an expansion
strategy based on organic growth and M&A opportunities. This
strategy leverages our core expertise and highly advanced
proficiency in technologies for inventory processes."
BOS will host a conference call on
Tuesday, May 30, 2023, at 9:00 a.m. EDT - 4:00 p.m., Israel Time. A
question-and-answer session will follow the 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’ technologies enhance inventory
processes through three business divisions:
- The Intelligent Robotics division automates industrial and
logistic inventory processes;
- The RFID division marks and tracks inventory; and
- The Supply Chain division manages inventory.
For additional information, contact: Eyal
Cohen, CEO +972-542525925 | eyalc@boscom.com
Use of Non-GAAP Financial
Information BOS 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 Statements The 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, 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 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 |
|
|
|
Three months endedMarch 31,
|
Year endedDecember 31,
|
|
|
2023
|
|
2022
|
|
|
2022
|
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
(Audited)
|
|
|
|
|
|
Revenues
|
|
$
|
12,141
|
|
|
$
|
10,789
|
|
|
$
|
41,511
|
|
Cost of revenues
|
|
|
9,477
|
|
|
|
8,537
|
|
|
|
32,451
|
|
Gross profit
|
|
|
2,664
|
|
|
|
2,252
|
|
|
|
9,060
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
41
|
|
|
|
51
|
|
|
|
166
|
|
Sales and marketing
|
|
|
1,246
|
|
|
|
1,164
|
|
|
|
4,924
|
|
General and administrative
|
|
|
475
|
|
|
|
572
|
|
|
|
2,122
|
|
Other income, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(81
|
)
|
Total operating costs and expenses
|
|
|
1,762
|
|
|
|
1,787
|
|
|
|
7,131
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
902
|
|
|
|
465
|
|
|
|
1,929
|
|
Financial expenses, net
|
|
|
(246
|
)
|
|
|
(151
|
)
|
|
|
(647
|
)
|
Income before taxes on income
|
|
|
656
|
|
|
|
314
|
|
|
|
1,282
|
|
Tax on income
|
|
|
-
|
|
|
|
-
|
|
|
|
(6
|
)
|
Net income
|
|
$
|
656
|
|
|
$
|
314
|
|
|
$
|
1,276
|
|
|
|
|
|
|
|
|
Basic net income per share
|
|
$
|
0.12
|
|
|
$
|
0.06
|
|
|
$
|
0.23
|
Diluted net income per share
|
|
$
|
0.11
|
|
|
$
|
0.06
|
|
|
$
|
0.23
|
Weighted average number of shares used in computing
basic net income per share
|
|
|
5,702
|
|
|
|
5,251
|
|
|
|
5,550
|
Weighted average number of shares used in computing
diluted net income per share
|
|
|
5,712
|
|
|
|
5,291
|
|
|
|
5,589
|
|
|
|
|
|
|
|
Number of outstanding shares as of March 31, 2023 and
2022 and December 31, 2022
|
|
|
5,702
|
|
|
|
5,251
|
|
|
|
5,702
|
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in thousands) |
|
|
|
March 31,2023 |
|
|
December 31,2022 |
|
|
(Unaudited) |
|
|
(Audited) |
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
2,294
|
|
$
|
1,763
|
Restricted bank deposits
|
|
146
|
|
|
130
|
Trade receivables, net
|
|
10,888
|
|
|
10,834
|
Other accounts receivable and prepaid expenses
|
|
1,358
|
|
|
1,414
|
Inventories
|
|
6,930
|
|
|
6,433
|
|
|
|
|
|
|
Total current assets
|
|
21,616
|
|
|
20,574
|
|
|
|
|
|
|
LONG-TERM ASSETS
|
|
251
|
|
|
260
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET
|
|
3,390
|
|
|
3,270
|
|
|
|
|
|
|
OPERATING LEASE RIGHT-OF-USE ASSETS,NET
|
|
1,021
|
|
|
1,110
|
|
|
|
|
|
|
OTHER INTANGIBLE ASSETS, NET
|
|
460
|
|
|
486
|
|
|
|
|
|
|
GOODWILL
|
|
4,895
|
|
|
4,895
|
|
|
|
|
|
|
Total assets
|
$
|
31,633
|
|
$
|
30,595
|
CONSOLIDATED BALANCE SHEETS |
(U.S. dollars in thousands) |
|
|
|
March 31,2023 |
|
December 31,2022 |
|
|
(Unaudited) |
|
(Audited) |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Current maturities of long-term loans
|
|
$
|
445
|
|
$
|
586
|
Operating lease liabilities, current
|
|
|
262
|
|
|
301
|
Trade payables
|
|
|
7,547
|
|
|
7,984
|
Employees and payroll accruals
|
|
|
1,089
|
|
|
1,016
|
Deferred revenues
|
|
|
1,553
|
|
|
542
|
Advances net of inventory in process
|
|
|
4
|
|
|
47
|
Accrued expenses and other liabilities
|
|
|
485
|
|
|
719
|
|
|
|
|
|
Totalcurrent liabilities
|
|
|
11,385
|
|
|
11,195
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Long-term loans, net of current maturities
|
|
|
1,337
|
|
|
1,294
|
Operating lease liabilities, non-current
|
|
|
751
|
|
|
827
|
Long-term deferred revenues
|
|
|
452
|
|
|
241
|
Accrued severance pay
|
|
|
392
|
|
|
404
|
|
|
|
|
|
Total long-term liabilities
|
|
|
2,932
|
|
|
2,766
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
17,316
|
|
|
16,634
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
31, 633
|
|
$
|
30, 595
|
CONDENSED CONSOLIDATED EBITDA |
(U.S. dollars in thousands) |
|
|
|
Three months endedMarch
31,
|
|
Year endedDecember 31,
|
|
|
2023
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
902
|
|
$
|
465
|
|
$
|
1,929
|
|
Add:
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
26
|
|
|
14
|
|
|
107
|
|
Stock-based compensation
|
|
|
25
|
|
|
25
|
|
|
97
|
|
Depreciation
|
|
|
81
|
|
|
58
|
|
|
255
|
|
EBITDA
|
|
$
|
1,034
|
|
$
|
562
|
|
$
|
2,388
|
|
SEGMENT INFORMATION |
(U.S. dollars in
thousands) |
|
|
|
RFID |
|
Supply |
|
Intelligent Robotics |
|
Intercompany |
|
Consolidated |
|
Chain Solutions |
|
|
Three months
ended March 31, |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
4,017 |
|
$ |
7,489 |
|
|
699 |
|
|
(64) |
|
$ |
12,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
|
1,106 |
|
|
1,585 |
|
|
(27 |
) |
|
- |
|
|
2,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
operating expenses |
|
|
573 |
|
|
928 |
|
|
75 |
|
|
- |
|
|
1,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
operating expenses* |
|
|
|
|
- |
|
|
- |
|
|
|
|
|
186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
|
$ |
533 |
|
$ |
657 |
|
$ |
(102 |
) |
|
- |
|
|
902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
expenses |
|
|
|
|
|
|
|
|
|
|
(246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
|
|
|
|
|
|
|
$ |
656 |
|
|
|
RFID |
|
SupplyChainSolutions |
|
IntelligentRobotics |
|
Intercompany |
|
Consolidated |
|
Three months ended March 31,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
4,103 |
|
$ |
6,508 |
|
|
178 |
|
$ |
- |
|
$ |
10,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
1,031 |
|
|
1,244 |
|
|
(23) |
|
|
- |
|
|
2,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated
operating expenses |
|
686 |
|
|
776 |
|
|
141 |
|
|
- |
|
|
1,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated
operating expenses* |
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations |
$ |
345 |
|
$ |
468 |
|
$ |
(164) |
|
|
- |
|
|
465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
expenses and tax on income |
|
|
|
|
|
|
|
|
|
|
|
|
|
(151) |
Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
314 |
SEGMENT INFORMATION |
(U.S. dollars in thousands) |
|
|
RFID
|
|
SupplyChainSolutions
|
|
IntelligentRobotics
|
Intercompany
|
|
Consolidated
|
|
|
Three months ended March 31,2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
15,318
|
|
$
|
25,232
|
|
|
961
|
|
-
|
|
$
|
41,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
3,778
|
|
|
5,441
|
|
|
(159
|
)
|
-
|
|
|
9,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated operating expenses
|
|
2,535
|
|
|
3,450
|
|
|
425
|
|
-
|
|
|
6,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unallocated operating expenses*
|
|
|
|
|
|
|
|
|
|
|
721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
$
|
1,243
|
|
$
|
1,991
|
|
$
|
(584
|
)
|
-
|
|
|
1,929
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses and tax on income
|
|
|
|
|
|
|
|
|
(653
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
$
|
1,276
|
|
|
*Unallocated operating expenses include
costs not specific to a particular segment but general to the
entire group, such as expenses incurred for insurance of directors
and officers, public company fees, legal fees, and other similar
corporate costs.
BOS Better Online Soluti... (NASDAQ:BOSC)
過去 株価チャート
から 5 2024 まで 6 2024
BOS Better Online Soluti... (NASDAQ:BOSC)
過去 株価チャート
から 6 2023 まで 6 2024