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BOS Reports Fourth Quarter and Year-End 2020 Financial Results

RISHON LE ZION, Israel, March 30, 2021 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC), reported its financial results for the fourth quarter and year-end 2020.

Fourth-quarter of the year 2020:
Revenues grew by 11% to $10.4 million from $9.4 million in the comparable quarter last year. 
Operating profit amounted to $372,000, compared to an operating loss of $232,000 in the comparable quarter last year. 
Net income amounted to $248,000, compared to a net loss of $322,000 in the comparable quarter last year. 

The year 2020:
Revenue amounted to $33.6 million compared to $33.8 million in 2019. 
Operating loss amounted to $651,000 compared to an operating loss of $631,000 in 2019. 
Net loss amounted to $960,000 compared to a net loss of $913,000 in 2019.

Eyal Cohen, BOS' CEO, stated: "I am pleased with a second consecutive quarter with growth in revenues and net income. Regarding the year 2021, we expect our revenues to exceed $33 million and a net profit of above $1 million."  

BOS will host a conference call on Tuesday, March 30, 2021, 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 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: http://www.boscorporate.com

About BOS
BOS is a global provider of custom-made robots and an integrator of off-the-shelf automation systems for industrial and logistics processes. BOS also provides supply chain services, mainly for the aerospace and defense industries worldwide.

For more information, please visit our websites:

Corporate – www.boscom.com | Robotics – www.imdecol.com

RFID – www.dimex.co.il | Supply Chain – www.odem.co.il

Contact:
Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.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, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd. (the Intelligent Robotics business line), 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

 

Year ended
December 31,

 

Three months ended
December 31,

  

2020

  

2019*

  

2020

 

2019

 
 


(Unaudited) 


 (Audited)  


(Unaudited)  


(Unaudited) 

Revenues

$

33,551

  

$

33,817

  

$

10,426

  

$

9,354

 

Cost of revenues

 

27,433

   

27,159

   

8,528

   

7,466

 

Gross profit

 

6,118

   

6,658

   

1,898

   

1,888

 

Operating costs and expenses:

               

Research and development

 

112

   

-

   

41

   

-

 

Sales and marketing

 

3,922

   

4,064

   

989

   

1,141

 

General and administrative

 

1,747

   

2,255

   

496

   

623

 

Impairment of intangible assets

 

517

   

356

   

-

   

356

 

Impairment of Goodwill

 

471

   

614

   

-

   

-

 

Total operating costs and expenses

 

6,769

   

7,289

   

1,526

   

2,120

 

Operating (loss) income

 

(651

)

  

(631

)

  

372

   

(232

)

Financial expenses, net

 

(348

)

  

(330

)

  

(113

)

  

(90

)

Other income, net

 

39

   

-

   

(11

)

  

-

 

Income before taxes on income (loss)

 

(960

)

  

(961

)

  

248

   

(322

)

Taxes on income (Tax benefit)

 

-

   

(48

)


 

-

   

13

 

Net income (loss)

$

(960

)

 

$

(913

)

 

$

248

  

$

(335

)

Basic and diluted net income (loss) per share

$

(0.22

)

 

$

(0.23

)

 

$

0.06

  

$

(0.08

)

Weighted average number of shares used in computing basic net income (loss) per share

 

4,298

   

4,053

   

4,346

 


 4,258 

Weighted average number of shares used in computing diluted net income (loss) per share

 

4,298

   

4,059

   

4,350

 


 4,258 

Number of outstanding shares as of December 31, 2020 and 2019, respectively

 

4,391

   

4,258

   

4,396

 


 4,258 

(*)The Intelligent Robotics division has been consolidated since June 1, 2019

CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

 


December 31, 2020

  December 31, 2019
 


(Unaudited)

 


(Audited)

ASSETS

     
      

CURRENT ASSETS:

     

Cash and cash equivalents

$

1,036


$

339

Restricted cash deposits

 

140

  

240

Trade receivables

 

9,172

  

10,063

Other accounts receivable and prepaid expenses

 

1,311

  

1,273

Inventories

 

4,871

  

5,407

      

Total current assets

 

16,530

  

17,322

      

LONG-TERM ASSETS

 

59

  

155

      

PROPERTY AND EQUIPMENT, NET

 

956

  

1,257

      

OPERATING LEASE RIGHT-OF-USE ASSETS, NET

 

767

  

720

      

OTHER INTANGIBLE ASSETS, NET

 

40

  

598

      

GOODWILL

 

4,676

  

5,147

      

Total assets

$

23,028


$

25,199







CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

 


December 31, 2020 


December 31, 2019
 


(Unaudited) 


(Audited)

LIABILITIES AND SHAREHOLDERS' EQUITY

     
      

CURRENT LIABILITIES:

     

Current maturities of long term loans

$

815

 

$

664

Operating lease liabilities, current

 

557

  

551

Trade payables

 

5,492

  

6,503

Employees and payroll accruals

 

985

  

1,007

Deferred revenues

 

601

  

517

Advances, net of inventory in process

 

68

  

29

Accrued expenses and other liabilities

 

391

  

419

      

Total current liabilities

 

8,909

  

9,690

      

LONG-TERM LIABILITIES:

     

Long-term loans, net of current maturities

 

1,216

  

2,041

Operating lease liabilities, non-current

 

367

  

289

Long term deferred revenues

 

303

  

319

Accrued severance pay

 

364

  

303

      

Total long-term liabilities

 

2,250

  

2,952

      

SHAREHOLDERS' EQUITY

 

11,869

  

12,557

      
      

Total liabilities and shareholders' equity

$

23,028

 

$

25,199

      

CONDENSED CONSOLIDATED EBITDA - Unaudited
(U.S. dollars in thousands)

 

Year ended
December 31,

 

Three months ended
December 31,

  

2020

   

2019

   

2020

   2019 
                

Operating income (loss)

$

(651

)

 

$

(631

)

 

$

372

  

$

(232

)

Add:

               

Impairment of goodwill and other intangible assets

 

988

   

970

   

-

   

356

 

Amortization of intangible assets

 

40

   

79

   

4

   

27

 

Stock based compensation

 

65

   

81

   

8

   

22

 

Depreciation

 

270

   

277

   

62

   

72

 

EBITDA

$

712

  

$

776

  

$

446

  

$

245

 
                




 

SEGMENT INFORMATION
(U.S. dollars in thousands)

Consolidated
 Intelligent Robotics
 RFID
 Supply Chain Solutions
 Consolidated
 Intelligent Robotics
 RFID
 Supply Chain Solutions
 
                        

Year ended December 31, 2019 (Audited)

 

Year ended December 31, 2020 (Unaudited)


                        

33,817

$


826

$


13,241

$


19,750

$ 

33,551

$


2,502*

$


12,455

$


18,594

$

Revenues

                        

6,658

$


2

$


2,906

$


3,750

$ 

6,118

$


(871)

$


3,265

$


3,724

$

Gross profit (loss)

                        

(970)

$


(970)

$


-

$


-

$ 

(988)

$


(988)

$


-

$


-

$

Impairment of goodwill and intangible assets

                        

(631)

$


(1,642)

$


(126)

$


1,137

$ 

(651)

$


(2,722)

$


941

$


1,130

$

Operating Income (loss)

                        

598

$


538

$


60

$


-

$ 

40

$


-

$


40

$


-

$

Balance of other intangible assets related to segment

                        

5,147

$


471

$


4,676

$


-

$ 

4,676

$


-

$


4,676

$


-

$

Balance of Goodwill related to segment

(*) The Intelligent Robotics division has been consolidated since June 1, 2019.

SEGMENT INFORMATION
(U.S. dollars in thousands)

Consolidated
 Intelligent Robotics
 RFID
 Supply Chain Solutions
 Consolidated
 Intelligent Robotics
 RFID
 Supply Chain Solutions
 
                        
Three months ended December 31,2019 (Unaudited)
 Three months ended December 31,2020 (Unaudited) 


 



  


  


  


  


  


  


 


9,354

$


240

$


3,615

$


5,499

$


10,426

$


2,135

$


3,522

$


4,769

$

Revenues

                        

1,888

$


(37)

$


945

$


980

$


1,898

$


14

$


1,042

$


842

$

Gross profit (loss)

                        

(356)

$


(356)

$


-

$


-

$


-

$


-

$


-

$


- 

$

Impairment of goodwill and intangible assets

                        

(232)

$


(667)

$


156

$


279

$


372

$


(160)

$


398

$


134

$

Operating Income (loss)

                        

598

$


538

$


60

$


-

$


40

$


-

$


40

$


-

$

Balance of other intangible assets related to segment

                        

5,147

$


471

$


4,676

$


-

$


4,676

$


-

$


4,676

$


-

$

Balance of goodwill related to segment

 


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