B.O.S. Better Online Solutions Announces Financial Results for the First Quarter 2010
First quarter ended with operating profit. Excluding stock based compensation and amortization of intangible assets, first quarter reflects net profit
RISHON LEZION, Israel, May 25, 2010 (GLOBE NEWSWIRE) - B.O.S. Better Online Solutions Ltd. (the "Company", "BOS") (Nasdaq: BOSC), a leading provider of RFID and supply chain solutions to global enterprises, today reported its financial results for the first quarter ended March 31, 2010.
Revenues for the first quarter of 2010 amounted to $9.4 million, compared to $9.0 million in the comparable quarter in 2009. The company has seen signs of recovery in its backlog, which grew from $9.9 million in September 2009 to $12.0 million in March 2010.
Operating results for the first quarter reflect a substantial milestone after the company has shown considerable operating loss in previous years.
Net loss for the first quarter of 2010 amounted to $100,000 compared to net loss of $746,000 in the comparable quarter in 2009.
Excluding the amortization of intangibles and stock based compensation, the Company reported net profit of $56,000 in the first quarter of 2010, compared to net loss of $594,000 in the comparablequarter in2009.
Yuval Viner, BOS CEO, stated, "We are very pleased to have ended the first quarter, as projected, with an operating profit. Our outlook for the rest of 2010 continues to remain positive as we increase our RFID and supply chain sales and reap the benefits of the cost-savings measures we put into place in 2009." Viner reiterated that the Company expects $35 million in revenues and an operating profit for the full year 2010.
Edouard Cukierman, Chairman, added, “The first quarter results indicate that the Company is on a path towards a turnaround, which we expect to continue for the foreseeable future.”
BOS will host a conference call on Tuesday, May 25, 2010, at 10:30 a.m. Eastern Daylight Time 17:30 p.m. Israel Time, to discuss the Company's first quarter 2010 operating and financial results. Interested parties may participate in the conference call by dialing the following numbers approximately five to ten minutes before the call start time:
North America +1-8662297198 +1-8662297198
International +972-3-9180688 +972-3-9180688
For those unable to listen to the live call, a replay of the call will be available from the day after the call on the BOS website, at: http://www.boscorporate.com