BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported its financial results for the first quarter of the year 2022.

Revenues for the first quarter of 2022 increased by 47% to $10.8 million compared to $7.3 million in the comparable quarter of last year.

Operating income for the first quarter of 2022 increased by 98% to $465,000 compared to $234,000 in the comparable quarter of last year.

Net income for the first quarter of 2022 increased by 155% to $314,000 or $0.06 per basic share compared to a net income of $123,000 or $0.02 per basic share in the comparable quarter of 2021.

Eyal Cohen, BOS's CEO stated: "I am encouraged by the strong opening of the first quarter of the year 2022. The globally increasing demand for electronic components and the military conflict in Europe were catalysts for the growth of the Supply Chain division. In addition, the increase in the number of logistic centers in Israel and the return of the retail stores to work on a full scale supported the growth of the RFID division. Looking forward, I anticipate that the shortage of workers for production and the logistics operations will be a growth engine for our Intelligent Robotic division."

BOS will host a conference call on Tuesday, May 31, 2022 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 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 the 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
                   
                   
    Three months ended   Year ended  
   March 31,     December 31,  
    2022     2021     2021  
    (Unaudited)     (Audited)  
                   
Revenues   $10,789     $7,328     $33,634  
Cost of revenues   8,537     5,648     27,048  
Gross profit   2,252     1,680     6,586  
                   
Operating costs and expenses:                  
Research and development   51     60     208  
Sales and marketing   1,150     952     3,955  
General and administrative   527     434     1,906  
Acquisition expenses   59     -     -  
Total operating costs and expenses   1,787     1,446     6,069  
                   
Operating Income   465     234     517  
Financial expenses, net   (151 )   (111 )   (105 )
Income before taxes on income   314     123     412  
Taxes on income   -     -     39  
Net income  $ 314   $ 123   $ 451  
                   
Basic net income per share $ 0.06   $ 0.02   $ 0.09  
Diluted net income per share $ 0.06   $ 0.02   $ 0.08  
Weighted average number of shares used in computing basic net income per share   5,251     5,157     5,212  
Weighted average number of shares used in computing diluted net income per share   5,291     5,185     5,424  
Number of outstanding shares as of March 31, 2022 and 2021 and December 31, 2021   5,251     5,185     5,251  
                   
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
         
    March 31, 2022   December 31, 2021
    (Unaudited)   (Audited)
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents $ 1,300 $ 1,875
Restricted bank deposits   239   242
Trade receivables   10,552   9,209
Other accounts receivable and prepaid expenses   1,408   977
Inventories   5,541   5,567
         
Total current assets   19,040   17,870
         
LONG-TERM ASSETS   135   150
         
PROPERTY AND EQUIPMENT, NET   1,073   1,097
         
OPERATING LEASE RIGHT-OF-USE ASSETS, NET   858   944
         
OTHER INTANGIBLE ASSETS, NET   580   20
         
GOODWILL   4,895   4,676
         
Total assets $ 26,581 $ 24,757
         
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
         
         
    March 31, 2022   December 31, 2021
    (Unaudited)   (Audited)
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES:        
Current maturities of long term loans $ 670 $ 740
Operating lease liabilities, current   475   538
Trade payables   6,711   5,200
Employees and payroll accruals   1,118   996
Deferred revenues   455   917
Advances net of inventory in process   371   249
Accrued expenses and other liabilities   333   112
         
Total current liabilities   10,133   8,752
         
LONG-TERM LIABILITIES:        
Long-term loans, net of current maturities   505   681
Operating lease liabilities, non-current   518   565
Long term deferred revenues   465   132
Accrued severance pay   273   280
         
Total long-term liabilities   1,761   1,658
         
         
TOTAL SHAREHOLDERS' EQUITY   14,687   14,347
         
         
Total liabilities and shareholders' equity $ 26,581 $ 24,757
         
CONDENSED CONSOLIDATED EBITDA
(U.S. dollars in thousands)
             
    Three months ended   Year ended
    March 31,   December 31,
    2022   2021   2021
             
Operating income $ 465 $ 234 $ 517
Add:            
Amortization of intangible assets   14   5   20
Stock-based compensation   25   15   67
Depreciation   58   54   238
EBITDA $ 562 $ 308 $ 842
             
SEGMENT INFORMATION
(U.S. dollars in thousands)
                           
                           
                           
    RFID   Supply Chain solutions   Intelligent Robotics     Intercompany     Consolidated  
            Three months ended March 31,
            2022
                           
                           
Revenues $ 4,103 $ 6,508   178   $ -   $ 10,789  
                           
Gross profit   1,031   1,244   -23     -     2,252  
Allocated operating expenses   627   776   141     -     1,544  
Acquisition expenses   59   -   -           59  
Unallocated operating expenses*   -   -   -           184  
Income (loss) from operations $ 345 $ 468 $ (164 )   -     465  
Financial expenses                       (151 )
Net income                     $ 314  
    RFID   Supply Chain Solutions   Intelligent Robotics     Intercompany     Consolidated  
          Three months ended March 31,
          2021
Revenues $ 2,948 $ 3,954 $ 454   $ (28 ) $ 7,328  
                           
Gross profit   848   648   184     -     1,680  
Allocated operating expenses   545   535   198     -     1,278  
Unallocated operating expenses*   -   -   -           169  
Income (loss) from operations $ 303 $ 113 $ (14 )   -   $ 234  
Financial expenses                       (111 )
tax on income                          
Net income                       123  
                           
                           
                           
    RFID   Supply Chain Solutions   Intelligent Robotics     Intercompany     Consolidated  
          Year ended December 31,
          2021
                           
                           
Revenues $ 13,192 $ 19,008 $ 1,576   $ (142 ) $ 33,634  
                           
Gross profit (loss)   3,338   3,708   (460 )   -     6,586  
Allocated operating expenses   2,300   2,497   573     -     5,370  
Unallocated operating expenses*   -   -   -           699  
Income (loss) from operations   1,038   1,211   (1,033 )   -     517  
Financial expenses                       (105 )
tax on income                       39  
Net income                     $ 451  
BOS Better Online Soluti... (NASDAQ:BOSC)
Historical Stock Chart
From Jul 2022 to Aug 2022 Click Here for more BOS Better Online Soluti... Charts.
BOS Better Online Soluti... (NASDAQ:BOSC)
Historical Stock Chart
From Aug 2021 to Aug 2022 Click Here for more BOS Better Online Soluti... Charts.