BOS Reports Financial Results for the Second Quarter of the Year 2023

RISHON LE ZION, Israel, Aug. 22, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported its financial results for the second quarter of the year 2023.

Second Quarter 2023 Financial Highlights:

• Revenues for the second quarter of 2023 grew by 9.5% to $11.3 million from $10.3 million in the comparable quarter last year.
• Operating profit for the second quarter of 2023 increased by 32% to $707,000 compared to $537,000 in the comparable quarter last year.
• EBITDA for the second quarter of 2023 increased by 32% to $863,000 from $653,000 in the comparable quarter last year.
• Financial expenses for the second quarter of 2023 decreased to $98,000 compared to $378,000 in the comparable quarter last year. The decrease is attributed to the depreciation of the Israeli NIS as compared to the US dollar by 10.2% in the second quarter of the year 2022 as compared to a depreciation of 2.3% in the second quarter of the year 2023. 
• Net income for the second quarter of 2023 increased by 283% to $609,000 or $0.11 per basic share compared to $159,000 or $0.03 per basic share in the second quarter of the year 2022.
  

Ziv Dekel, BOS' Chairman, stated: "BOS' management has invested extensive resources to strengthen BOS' market position and penetrate new business segments. I am pleased to see the positive results consistently yielded by these efforts since 2021. In addition, we are looking for an M&A opportunity for further expansion."

Eyal Cohen, BOS' CEO, stated: "The relatively strong results in the first half of the year and our backlog for the remainder of the year 2023 advance us towards meeting and possibly exceeding our financial targets for 2023, which are revenues of over $45 million and net income above $1.5 million."

BOS will host a conference call on August 22, 2023 at 9:00 a.m. EDT – 4:00 p.m., Israel Time. A question-and-answer session will follow management's presentation.
To access the conference call, please click on the following link:
https://us06web.zoom.us/j/87034095301?pwd=ZGo3bGRuTTRCZEpYOHF1OW1RWml6Zz09
or dial to: +1 646 876 9923, meeting ID – 870 3409 530, passcode – 455932

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 empowers inventory processes through its 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 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.

*        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.

*        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.