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BOS Reports First Quarter of the Year 2021 Financial Results

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:
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: www.boscom.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 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
        
  Three months ended Year ended
   March 31, December 31,
   2021   2020   2020 
               
  (Unaudited) (Audited)
       
Revenues $7,328  $7,468  $33,551 
Cost of revenues  5,648   5,784   27,433 
Gross profit  1,680   1,684   6,118 
            
Operating costs and expenses:            
Research and development  60   18   112 
Sales and marketing  952   1,107   3,922 
General and administrative  434   449   1,747 
Impairment of Goodwill and intangible assets  -   -   988 
Total operating costs and expenses  1,446   1,574   6,769 
            
Operating Income (loss)  234   110   (651)
Financial expenses, net  (111)  (56)  (348)
Other income, net  -   -   39 
Net income (loss) $123  $54  $(960)
           
Basic and diluted net income (loss) per share $0.02  $0.01  $(0.22)
Weighted average number of shares used in computing basic net income (loss) per share  5,157   4,258   4,298 
Weighted average number of shares used in computing diluted net income (loss) per share  5,185   4,258   4,298 
           


CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
   
    March 31,
2021

 December 31,
2020
  (Unaudited)
 (Audited)
ASSETS        
         
CURRENT ASSETS:        
Cash and cash equivalents $1,662  $1,036 
Restricted bank deposits  136   140 
Trade receivables  8,961   9,172 
Other accounts receivable and prepaid expenses  1,173   1,311 
Inventories  5,841   4,871 
         
Total current assets  17,772   16,530 
         
LONG-TERM ASSETS  62   59 
         
PROPERTY AND EQUIPMENT, NET  949   956 
         
OPERATING LEASE RIGHT-OF-USE ASSETS, NET  985   767 
         
OTHER INTANGIBLE ASSETS, NET  35   40 
         
GOODWILL  4,676   4,676 
         
Total assets $24,479  $23,028 
         


CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
     
  March 31,
2021
 December 31,
2020
  (Unaudited) (Audited)
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
       
CURRENT LIABILITIES:      
Current maturities of long term loans $786 $815
Operating lease liabilities, current  459  557
Trade payables  5,327  5,492
Employees and payroll accruals  805  985
Deferred revenues  739  601
Advances net of inventory in process  230  68
Accrued expenses and other liabilities  111  391
       
Total current liabilities  8,457  8,909
       
LONG-TERM LIABILITIES:      
Long-term loans, net of current maturities  984  1,216
Operating lease liabilities, non-current  652  367
Long term deferred revenues  197  303
Accrued severance pay  335  364
       
Total long-term liabilities  2,168  2,250
       
       
TOTAL SHAREHOLDERS' EQUITY  13,854  11,869
       
       
Total liabilities and shareholders' equity $24,479 $23,028
       


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

          
  Three months ended 
March 31,
 Year ended
December 31,
  2021 2020 2020
           
Operating income (loss)   $ 234   $ 110   $ (651 )
Add:           
Impairment of Goodwill and other intangible assets    -    -    988  
Amortization of intangible assets    5    26    40  
Stock-based compensation    15    21    65  
Depreciation    54    71    270  
EBITDA   $ 308   $ 228   $ 712  
           


SEGMENT INFORMATION
(U.S. dollars in thousands)
 
  RFID Supply 
Chain
Solutions
 Intelligent
Robotics
 Intercompany Consolidated
                   
  Three months ended March 31,
2021
             
Revenues $2,948 $3,954 $454  $(28) $7,328
             
             
Gross profit $848 $648 $184  $-  $1,680
             
             
Operating income (loss) $247 $57 $(70) $-  $234
          


  
RFID
 Supply 
Chain
Solutions
 Intelligent
Robotics
 Intercompany Consolidated
                   
  Three months ended March 31, 
2020
 
                   
Revenues $         3,305 $        4,081 $        104  $         (22) $        7,468 
                   
                   
Gross profit (loss) $        940 $        858 $(114) $-  $        1,684 
                   
                   
Operating income (loss) $        321 $        184 $(395) $-  $        110 
          


  RFID
 Supply
Chain
Solutions

 Intelligent
Robotics

 Intercompany
 Consolidated
                   
  Year ended December 31,
2020
                   
Revenues $12,455  $18,594 $2,502  $- $33,551 
                   
Gross profit (loss) $3,265  $3,724 $(871) $- $6,118 
                   
Impairment of goodwill and intangible assets  -     $(988)  -  (988)
                   
Operating income (loss) $941  $1,130 $(2,722) $- $(651)
                   


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