RISHON LE ZION, Israel, May 30, 2023 – 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
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 | email@example.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.