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B.O.S. Better Online Solutions Reports Financial Results for the First Quarter ended March 31, 2017

Net Income of $147,000 in the First Quarter. Net Income of $500,000 anticipated for the year 2017

RISHON LEZION, Israel, May 25, 2017 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. (the "Company", "BOS") (Nasdaq:BOSC), a leading Israeli provider of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises, today reported its financial results for the first quarter ended March 31, 2017.

Yuval Viner, CEO, stated: "We ended the first quarter with a $147,000 net profit, compared to a net profit of $220,000 in the first quarter of last year. However, on an annual basis, considering also our existing backlog, we anticipate our net income to grow from $360,000 in 2016 to $500,000 in 2017. We further expect growth in our 2017 revenues, as compared to revenues in 2016.

In the beginning of 2016, we concluded the acquisition of the business operations of iDnext and its subsidiary, Next-Line. While we are in the final stages of integration of this acquisition, we continue to seek additional growth opportunities, mainly through M&A."  

BOS will host a conference call on Thursday, May 25, 2017 at 10 a.m. EDT - 5:00 p.m., Israel Time. A question-and-answer session will follow 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 script of the call will be available the next day after the call on BOS’s website, at: http://www.boscorporate.com 

About BOS
B.O.S. Better Online Solutions Ltd. (BOSC) is a leading Israeli provider of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises. BOS' RFID and Mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company's Supply Chain division provides electronic components consolidation services to the aerospace, defense, medical and telecommunications industries as well as to enterprise customers worldwide. For more information, please visit: www.boscorporate.com

Use of Non-GAAP Financial Information 

BOS reports financial results in accordance with U.S. 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 and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS's periodic reports and registration statements filed with the U.S. Securities 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
 March 31,
  Year ended
 December 31,
      2017       2016       2016
    (Unaudited)   (Audited)
             
Revenues   $ 7,064     $ 8,067     $ 27,427    
Cost of revenues     5,616       6,516       22,112    
Gross profit     1,448       1,551       5,315    
               
Operating costs and expenses:              
Sales and marketing     814       791       3,111    
General and administrative     396       458       1,498    
Total operating costs and expenses     1,210       1,249       4,609    
               
Operating Income     238       302       706    
Financial expenses, net     (91 )     (82 )     (339 )  
Income before taxes on income     147       220       367    
Taxes on income     -       -       7    
Net income     147       220       360    
             
Basic and diluted net income per share   $ 0.05     $ 0.09     $ 0.14    
Weighted average number of shares used in computing basic net income per share     2,997       2,379       2,587    
Weighted average number of shares used in computing diluted net income per share     2,997       2,379       2,593    


CONSOLIDATED BALANCE SHEETS  
(U.S. dollars in thousands)
 
               
      March 31,
2017
    December 31,
2016
 
      (Unaudited)      (Audited)  
ASSETS              
               
CURRENT ASSETS:              
Cash and cash equivalents   $ 1,026   $ 1,286  
Restricted bank deposits     197     196  
Trade receivables     9,446     7,928  
Other accounts receivable and prepaid expenses     1,028     992  
Inventories     2,648     2,314  
           
Total current assets     14,345     12,716  
           
LONG-TERM ASSETS     42     43  
           
PROPERTY AND EQUIPMENT, NET     470     514  
           
OTHER INTANGIBLE ASSETS, NET     181     195  
           
GOODWILL     4,676     4,676  
           
Total assets   $ 19,714   $ 18,144  


CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
         
    March 31,
2017
  December 31,
2016
    (Unaudited)   (Audited)
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES:        
Current maturities of long term loans     400     400
Trade payables     5,739     4,601
Employees and payroll accruals     642     677
Deferred revenues     852     680
Accrued expenses and other liabilities     221     259
         
Total current liabilities     7,854     6,617
         
LONG-TERM LIABILITIES:        
Long-term loans, net of current maturities     2,650     2,734
Accrued severance pay     205     194
Deferred gain     9     15
         
Total long-term liabilities     2,864     2,943
         
         
SHAREHOLDERS' EQUITY     8,996     8,584
         
         
Total liabilities and shareholders' equity   $ 19,714   $ 18,144


RECONCILIATION OF NON-GAAP FINANCIAL RESULTS  
(U.S. dollars in thousands)  
   
    Three months ended
March 31,
  Year ended
December 31
,
 
     2017
   2016
   2016
 
    (Unaudited)   (Unaudited)  
             
Net Income as reported   $ 147   $ 220   $ 360  
               
Adjustments:              
Amortization of intangible assets     14     30     64  
Stock based compensation     17     34     147  
Acquisition expenses     -     30     -  
Total Adjustments   $   31   $ 94   $ 211  
Net Income on a  Non-GAAP basis   $  178   $ 314   $  571  


CONDENSED CONSOLIDATED EBITDA      
(U.S. dollars in thousands)      
 
     
    Three months ended
March 31,
  Year ended
December 31
,
     
     2017    2016    2016      
Operating income   $ 238   $ 302   $ 706    
Add:              
Amortization of intangible assets     14     30     64    
Stock based compensation     17     34     147    
Depreciation     46     47     184    
EBITDA   $    315   $  413   $   1,101    

/EIN News/ --

SEGMENT INFORMATION
(U.S. dollars in thousands)
 
    RFID and
Mobile
Solutions
  Supply
Chain
Solutions
  Intercompany   Consolidated   RFID and
Mobile
Solutions
  Supply
Chain
Solutions
  Intercompany   Consolidated
    Three months ended March 31,
2017
  Three months ended  March 31,
2016
                                 
                                 
Revenues   $ 3,311   $ 3,816   $ (63 )   $ 7,064   $ 3,450   $ 4,618   $ (1 )   $ 8,067
                                 
                                 
Gross profit   $ 784   $ 664   $ -     $ 1,448   $ 812   $ 739   $ -     $ 1,551
                                 

 

For more information:

Eyal Cohen
CFO
+972-542525925