- Revenues grew by 6%
- Gross profit increased by 15%
- Net income of
$351,000 in the first nine months of the year 2021 as compared to a$1.2 million net loss in the comparable period last year - A fifth consecutive profitable quarter.
The Robotics division’s operating loss has decreased significantly, to
The devaluation of the US dollar against the NIS in the first nine months of 2021 yielded an increase in our operating expenses by approximately
Avidan Zelicovsky, BOS's President, stated: "The global shortage in commodities has presented an opportunity for our Supply Chain division. We have launched a new service for our electronic industry clients that significantly shortens the lead time for the electronic components. This service has been a growth engine of this division in the first nine months of 2021".
BOS will host a conference call on
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 provides services and systems for inventory production and management in three channels:
- Services – The Supply Chain division provides inventory procurement and kitting.
- Integration – the RFID division provides off-the-shelf software and equipment to track and manage inventory in the production floor and warehouse.
- Development – the Intelligent Robotics division develops and builds custom-made robotic cells for the industrial and logistic processes.
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
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
Nine months ended | Three months ended | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Revenues | $ | 24,555 | $ | 23,125 | $ | 7,998 | $ | 8,179 | ||||||||
Cost of revenues | 19,697 | 18,153 | 6,423 | 6,435 | ||||||||||||
Inventory Impairment | - | 752 | - | 81 | ||||||||||||
Gross profit | 4,858 | 4,220 | 1,575 | 1,663 | ||||||||||||
Operating costs and expenses: | ||||||||||||||||
Research and development | 154 | 71 | 40 | 50 | ||||||||||||
Sales and marketing | 2,902 | 2,933 | 973 | 978 | ||||||||||||
General and administrative | 1,343 | 1,251 | 466 | 408 | ||||||||||||
Impairment of | - | 988 | - | - | ||||||||||||
Total operating costs and expenses | 4,399 | 5,243 | 1,479 | 1,436 | ||||||||||||
Operating income (loss) | 459 | (1,023 | ) | 96 | 227 | |||||||||||
Financial income (expenses), net | (107 | ) | (235 | ) | (9 | ) | (98 | ) | ||||||||
Other income, net | - | 50 | - | 50 | ||||||||||||
Income before taxes on income (loss) | 352 | (1,208 | ) | 87 | 179 | |||||||||||
Taxes on income | (1 | ) | - | - | - | |||||||||||
Net income (loss) | $ | 351 | $ | (1,208 | ) | $ | 87 | $ | 179 | |||||||
Basic and diluted net income (loss) per share | $ | 0.07 | $ | (0.28 | ) | $ | 0.02 | $ | 0.04 | |||||||
Weighted average number of shares used in computing basic net income per share | 5,201 | 4,284 | 5,223 | 4,329 | ||||||||||||
Weighted average number of shares used in computing diluted net income per share | 5,421 | 4,284 | 5,613 | 4,339 | ||||||||||||
Number of outstanding shares as of | 5,237 | 4,321 | 5,237 | 4,321 | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||
( | ||||||
September 30, 2021 | December 31, 2020 | |||||
(Unaudited) | (Audited) | |||||
ASSETS | ||||||
CURRENT ASSETS: | ||||||
Cash and cash equivalents | $ | 2,002 | $ | 1,036 | ||
Restricted bank deposits | 236 | 140 | ||||
Trade receivables | 8,846 | 9,172 | ||||
Other accounts receivable and prepaid expenses | 1,226 | 1,311 | ||||
Inventories | 5,149 | 4,871 | ||||
Total current assets | 17,459 | 16,530 | ||||
LONG-TERM ASSETS | 44 | 59 | ||||
PROPERTY AND EQUIPMENT, NET | 1,139 | 956 | ||||
OPERATING LEASE RIGHT-OF-USE ASSETS, NET | 992 | 767 | ||||
OTHER INTANGIBLE ASSETS, NET | 25 | 40 | ||||
4,676 | 4,676 | |||||
Total assets | $ | 24,335 | $ | 23,028 | ||
CONSOLIDATED BALANCE SHEETS | |||||
( | |||||
2021 | |||||
(Unaudited) | (Audited) | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
CURRENT LIABILITIES: | |||||
Current maturities of long term loans | $ | 825 | $ | 815 | |
Operating lease liabilities, current | 495 | 557 | |||
Trade payables | 5,060 | 5,492 | |||
Employees and payroll accruals | 769 | 985 | |||
Deferred revenues | 742 | 601 | |||
Advances net of inventory in process | 106 | 68 | |||
Accrued expenses and other liabilities | 231 | 391 | |||
Total current liabilities | 8,228 | 8,909 | |||
LONG-TERM LIABILITIES: | |||||
Long-term loans, net of current maturities | 756 | 1,216 | |||
Operating lease liabilities, non-current | 628 | 367 | |||
Long term deferred revenues | 190 | 303 | |||
Accrued severance pay | 336 | 364 | |||
Total long-term liabilities | 1,910 | 2,250 | |||
TOTAL SHAREHOLDERS' EQUITY | 14,197 | 11,869 | |||
Total liabilities and shareholders' equity | $ | 24, 335 | $ | 23,028 | |
CONDENSED CONSOLIDATED EBITDA | |||||||||||||
( | |||||||||||||
Nine months ended | Three months ended | ||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||
Operating income (loss) | $ | 459 | $ | (1,023 | ) | $ | 96 | $ | 227 | ||||
Add: | |||||||||||||
Impairment of | - | 988 | - | - | |||||||||
Amortization of intangible assets | 15 | 36 | 5 | 5 | |||||||||
Stock-based compensation | 44 | 57 | 13 | 18 | |||||||||
Depreciation | 175 | 208 | 64 | 66 | |||||||||
EBITDA | $ | 693 | $ | 266 | $ | 178 | $ | 316 | |||||
SEGMENT INFORMATION | |||||||||||||||||||||||||
( | |||||||||||||||||||||||||
RFID | Intelligent Robotics | Intercompany | Consolidated | ||||||||||||||||||||||
Supply Chain Solutions | |||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||
Revenues | $ | 9,193 | $ | 14,168 | 1,340 | $ | (146 | ) | $ | 24,555 | |||||||||||||||
Gross profit | 2,212 | 2,683 | (37 | ) | - | 4,858 | |||||||||||||||||||
Allocated operating expenses | 1,641 | 1,788 | 452 | - | 3,881 | ||||||||||||||||||||
Unallocated operating expenses* | - | - | - | 518 | |||||||||||||||||||||
Income (loss) from operations | $ | 571 | $ | 895 | $ | (489 | ) | - | 459 | ||||||||||||||||
Financial expenses and tax on income | (108 | ) | |||||||||||||||||||||||
Net income | $ | 351 | |||||||||||||||||||||||
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | ||||||||||||||
Nine months ended | ||||||||||||||||||
2020 | ||||||||||||||||||
Revenues | $ | 8,976 | $ | 13,825 | $ | 367 | $ | (43 | ) | $ | 23,125 | |||||||
Gross profit (loss) | 2,223 | 2,882 | (885 | ) | - | 4,220 | ||||||||||||
Allocated operating expenses | 1,524 | 1,730 | 534 | - | 3,788 | |||||||||||||
Impairment of goodwill and intangible assets | - | - | 988 | - | 988 | |||||||||||||
- | - | - | ||||||||||||||||
Unallocated operating expenses* | 467 | |||||||||||||||||
Income (loss) from operations | $ | 699 | $ | 1,152 | $ | (2,407 | ) | - | (1,023 | ) | ||||||||
Financial expenses and tax on income | (185 | ) | ||||||||||||||||
Net loss | $ | (1,208 | ) | |||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||||
( | |||||||||||||||||||
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | |||||||||||||||
Three months ended | |||||||||||||||||||
2021 | |||||||||||||||||||
Revenues | $ | 2,871 | $ | 4,919 | $ | 304 | $ | (96 | ) | $ | 7,998 | ||||||||
Gross profit (loss) | 660 | 984 | (69 | ) | - | 1,575 | |||||||||||||
Allocated operating expenses | 529 | 640 | 116 | - | 1,285 | ||||||||||||||
Unallocated operating expenses* | 194 | ||||||||||||||||||
- | - | - | |||||||||||||||||
Income (loss) from operations | $ | 131 | $ | 344 | $ | (185 | ) | - | 96 | ||||||||||
Financial income and tax on income | (9 | ) | |||||||||||||||||
Net income | $ | 87 | |||||||||||||||||
RFID | Supply Chain Solutions | Intelligent Robotics | Intercompany | Consolidated | ||||||||||||
Three months ended | ||||||||||||||||
2020 | ||||||||||||||||
Revenues | $ | 3,264 | $ | 4,849 | $ | 66 | $ | - | $ | 8,179 | ||||||
Gross profit (loss) | 749 | 1,013 | (99 | ) | - | 1,663 | ||||||||||
Allocated operating expenses | 518 | 586 | 205 | - | 1,309 | |||||||||||
Impairment of goodwill and intangible assets | - | - | - | - | - | |||||||||||
Unallocated operating expenses* | 127 | |||||||||||||||
- | - | - | ||||||||||||||
Income (loss) from operations | $ | 238 | $ | 427 | $ | (311 | ) | - | 227 | |||||||
Financial expenses and tax on income | (48 | ) | ||||||||||||||
Net loss | $ | 179 | ||||||||||||||
* 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.
Source:
2021 GlobeNewswire, Inc., source