BOS Reports First Quarter of the Year 2021 Financial Results
May 27, 2021 at 09:06 AM EDT
RISHON LE ZION, Israel, May 27, 2021 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported its financial results for the first quarter of the year 2021.
Revenues for the first quarter of 2021 were $7.3 million compared to $7.5 million in the comparable quarter last year. The decrease in revenues was attributed mostly to the RFID division, and reflects the adverse effects of the COVID-19 pandemic. We expect to make up the shortfall in first-quarter revenues during the rest of 2021.
Operating profit for the first quarter increased to $234,000 compared to $110,000 in the comparable quarter last year. The increase is attributed to the improvement in the Robotics division operational results (see segment tables below).
Financial expenses in the first quarter of 2021 increased to $111,000 from $56,000 in the comparable quarter last year, due to the decrease in the exchange rate of the U.S. dollar to the Israeli Shekel.
Net income for the first quarter of 2021 was $123,000 or $0.02 per basic share compared to a net income of $54,000 or $0.01 per basic share in the first quarter of 2020.
Eyal Cohen, BOS's CEO stated: "I am encouraged by the continuing improvement in the operational results of the Robotics division that has positively affected the first quarter of the year 2021, as compared to the comparable quarter last year. We are working extensively to strengthen and develop the growth engines of our divisions, by expanding our product offerings, developing new solutions, and branching into new territories and segments. Regarding the year 2021, we reiterate our expectation for revenues in excess of $33 million and a net profit of above $1 million."
BOS will host a conference call on Friday, May 28, 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:
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
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:
Use of Non-GAAP Financial Information
Safe Harbor Regarding Forward-Looking Statements