Third Quarter 2023 Statements of Operations Highlights:
- Revenues for the third quarter of 2023 grew by 8.5% to
$9.8 million from$9.0 million in the comparable quarter last year. - Operating profit for the third quarter of 2023 increased by 87.7% to
$441,000 from$235,000 in the comparable quarter last year. - EBITDA for the third quarter of 2023 increased by 70.4% to
$600,000 from$352,000 in the comparable quarter last year. - Financial expenses for the third quarter of 2023 increased to
$128,000 from$3,000 in the comparable quarter last year due to currency exchange costs between the NIS and the US$. - Net income for the third quarter of 2023 increased by 14.2% to
$313,000 or$0.05 per basic share compared to$274,000 or$0.05 per basic share in the third quarter of the year 2022.
Balance sheet Highlights:
Cash and cash equivalents amounted to
Trade receivables amounted to
Inventories as of
Bank loans (short and long) amounted to
Trade payables amounted to
Working capital amounted to
Shareholders equity amounted to
BOS will host a conference call on
To access the conference call, please click on the following link:
https://us06web.zoom.us/j/86032588513?pwd=IZrcDvzp6KRbeUfXoxXBPNb1n1WMbL.1
or dial to: +1 646 876 9923, meeting ID - 860 3258 8513, passcode - 574037
For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: http://www.boscorporate.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.
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
In
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 | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Revenues | $ | 33,292 | $ | 30,183 | $ | 9,815 | $ | 9,045 | ||||||||
Cost of revenues | 26,174 | 23,713 | 7,765 | 7,046 | ||||||||||||
Gross profit | 7,118 | 6,470 | 2,050 | 1,999 | ||||||||||||
Operating costs and expenses: | ||||||||||||||||
Research and development | 114 | 128 | 36 | 40 | ||||||||||||
Sales and marketing | 3,612 | 3,599 | 1,143 | 1,215 | ||||||||||||
General and administrative | 1,342 | 1,508 | 430 | 509 | ||||||||||||
Total operating costs and expenses | 5,068 | 5,235 | 1,609 | 1,764 | ||||||||||||
Operating income | 2,050 | 1,235 | 441 | 235 | ||||||||||||
Financial expenses, net | (471 | ) | (532 | ) | (128 | ) | (3 | ) | ||||||||
Other income, net | - | 42 | - | 42 | ||||||||||||
Income before taxes on income | 1,579 | 745 | 313 | 274 | ||||||||||||
Taxes on income | - | - | - | - | ||||||||||||
Net income | $ | 1,579 | $ | 745 | $ | 313 | $ | 274 | ||||||||
Basic net income per share | $ | 0.28 | $ | 0.14 | $ | 0.05 | $ | 0.05 | ||||||||
Diluted net income per share | $ | 0.27 | $ | 0.14 | $ | 0.05 | $ | 0.05 | ||||||||
Weighted average number of shares used in computing basic net income per share | 5,720 | 5,498 | 5,747 | 5,702 | ||||||||||||
Weighted average number of shares used in computing diluted net income per share | 5,913 | 5,542 | 6,086 | 5,729 | ||||||||||||
Number of outstanding shares as of | 5,748 | 5,702 | 5,748 | 5,702 |
CONSOLIDATED BALANCE SHEETS | ||||||||
( | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 1,177 | $ | 1,763 | ||||
Restricted bank deposits | 159 | 130 | ||||||
Trade receivables | 11,596 | 10,834 | ||||||
Other accounts receivable and prepaid expenses | 843 | 1,414 | ||||||
Inventories | 7,221 | 6,433 | ||||||
Total current assets | 20,996 | 20,574 | ||||||
LONG-TERM ASSETS | 245 | 260 | ||||||
PROPERTY AND EQUIPMENT, NET | 3,349 | 3,270 | ||||||
OPERATING LEASE RIGHT-OF-USE ASSETS, NET | 1,065 | 1,110 | ||||||
OTHER INTANGIBLE ASSETS, NET | 1,126 | 486 | ||||||
4,895 | 4,895 | |||||||
Total assets | $ | 31,676 | $ | 30,595 |
CONSOLIDATED BALANCE SHEETS | ||||||||
( | ||||||||
2023 | 2022 | |||||||
(Unaudited) | (Audited) | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Short term loan and current maturities | $ | 832 | $ | 586 | ||||
Operating lease liabilities, current | 220 | 301 | ||||||
Trade payables | 6,724 | 7,984 | ||||||
Employees and payroll accruals | 828 | 1,016 | ||||||
Deferred revenues | 1,002 | 542 | ||||||
Advances net of inventory in process | 212 | 47 | ||||||
Accrued expenses and other liabilities | 944 | 719 | ||||||
Total current liabilities | 10,762 | 11,195 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term loans, net of current maturities | 1,130 | 1,294 | ||||||
Operating lease liabilities, non-current | 764 | 827 | ||||||
Long term deferred revenues | 285 | 241 | ||||||
Accrued severance pay | 347 | 404 | ||||||
Total long-term liabilities | 2,526 | 2,766 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 18,388 | 16,634 | ||||||
Total liabilities and shareholders' equity | $ | 31, 676 | $ | 30,595 |
CONDENSED CONSOLIDATED EBITDA | ||||||||||||||||
( | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating income | $ | 2,050 | $ | 1,235 | $ | 441 | $ | 235 | ||||||||
Add: | ||||||||||||||||
Amortization of intangible assets | 120 | 76 | 48 | 31 | ||||||||||||
Stock-based compensation | 73 | 75 | 24 | 25 | ||||||||||||
Depreciation | 252 | 179 | 87 | 61 | ||||||||||||
EBITDA | $ | 2,495 | $ | 1,565 | $ | 600 | $ | 352 |
SEGMENT INFORMATION | ||||||||||||||||||||
( | ||||||||||||||||||||
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | ||||||||||||||||
Nine months ended 2023 | ||||||||||||||||||||
Revenues | $ | 10,091 | $ | 21,827 | $ | 1,463 | $ | (89 | ) | $ | 33,292 | |||||||||
Gross profit | 2,454 | 4,588 | 77 | - | 7,119 | |||||||||||||||
Allocated operating expenses | 1,636 | 2,700 | 187 | - | 4,523 | |||||||||||||||
Unallocated operating expenses* | - | - | - | 546 | ||||||||||||||||
Income (loss) from operations | $ | 818 | $ | 1,888 | $ | (110 | ) | - | 2,050 | |||||||||||
Financial expenses and tax on income | (471 | ) | ||||||||||||||||||
Net income | $ | 1,579 |
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | |||||||||||||||
Nine months ended 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 | (490 | ) | |||||||||||||||||
Net income | $ | 745 |
* 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.
SEGMENT INFORMATION | |||||||||||||||||||||
( | |||||||||||||||||||||
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | |||||||||||||||||
Three months ended 2023 | |||||||||||||||||||||
Revenues | $ | 3,143 | $ | 6,476 | $ | 206 | $ | (10 | ) | $ | 9,815 | ||||||||||
Gross profit | 658 | 1,335 | 57 | - | 2,050 | ||||||||||||||||
Allocated operating expenses | 539 | 841 | 57 | - | 1,437 | ||||||||||||||||
Unallocated operating expenses* | - | 172 | |||||||||||||||||||
Income from operations | $ | 119 | $ | 494 | $ | - | - | 441 | |||||||||||||
Financial expenses and tax on income | 128 | ||||||||||||||||||||
Net income | $ | 313 |
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | ||||||||||||||||||
Three months ended 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 expenses and tax on income | 39 | |||||||||||||||||||||
Net income | $ | 274 |
* 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.
For additional information, contact:Source:Eyal Cohen , CEO +972-542525925 | eyalc@boscom.com
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