Growth of 13% in Revenues as compared to the Third Quarter of 2021

RISHON LE ZION, Israel, Nov. 30, 2022 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported its financial results for the third quarter of the year 2022.

Revenues for the third quarter of 2022 grew by 13% to $9 million from $8 million in the comparable quarter last year.

Gross profit margin for the third quarter of 2022 improved to 22.1%, compared to 19.6% in the comparable quarter last year.

Operating profit for the third quarter amounted to $235,000 compared to an operating profit of $96,000 in the comparable quarter last year.

EBITDA for the third quarter amounted to $352,000 compared to $178,000 in the comparable quarter last year.

Net income for the third quarter of 2022 amounted to $274,000 or $0.05 per basic share compared to $87,000 or $0.02 per basic share in the comparable quarter last year.

Eyal Cohen, BOS's CEO stated: "We concluded the first nine months of 2022 with $30 million of revenues, EBITDA of $1.6 million and net income of $745,000. Financial expenses during that period included a cost of $342,000 that was attributed to foreign exchange differences between the Israeli NIS and the US dollar.
These results are in line with our financial targets for the year 2022, which are revenues of over $39 million (compared to $33.6 million in the year 2021) and net income in excess of $1 million (compared to a net income of $451,000 in the year 2021.)”

Ziv Dekel, BOS's Chairman stated: “During the first nine months of 2022, the Company continued the execution of its turnaround process, which has led to encouraging financial results. Led by Eyal, BOS' management is focused on growth initiatives, and is working diligently towards realizing its potential.”

BOS will host a conference call on Wednesday, November 30, 2022, 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 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 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 Imdecol Ltd. (the Robotics business line) and of Dagesh Inventory Counting and Maintenance Ltd., 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.

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*  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.