Business
BOS Reports Financial Results for the First Half and the Second Quarter of the Year 2024
Net income of $1.2 million and $500,000 in the first half and 2nd quarter of 2024, respectively RISHON LE ZION, Israel, Aug. 22, 2024 (GLOBE NEWSWIRE) -- BOS
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"Net income of $1.2 million and $500,000 in the first half and 2nd quarter of 2024, respectively\nRISHON LE ZION, Israel, Aug. 22, 2024 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) reported its financial results for the second quarter of the year 2024. Eyal Cohen, BOS' CEO, stated: \"Revenues for the first half of year 2024 were lower by 16% than revenues in the comparable period last year. The shortage of electronic components in 2022 prompted the defense sector customers of the Supply Chain division to increase their inventory, which contributed significantly to our revenue growth in 2023. As the component shortage eased in 2023, our defense customers began to reduce their inventory, leading to a dip in our revenues in the first half of 2024. However, the third quarter of 2024 shows a resurgence in demand for electronic components by our defense customers. From the beginning of the third quarter through August 15, our Supply Chain division has received orders amounting to $5.4 million, a promising sign compared to the total orders of $14 million in the entire first half of 2024. Our gross profit margin increased to 24.1% in the first half of 2024 from 21.5% in the same period last year. Furthermore, our operating and financial expenses decreased by $300,000 to $3.5 million, compared to $3.8 million in the same period last year. As a result, our net income for the first half of 2024 remained steady at $1.2 million, the same as in 2023. We, therefore, maintain our outlook for 2024, with projected revenues of $46 million, up from $44.2 million in 2023, and a net income increase to $2.2 million from $2 million in 2023.\" Ziv Dekel, BOS Chairman, added, \"The resiliency shown in our financial performance in the first half of the year, is primarily the result of our continued implementation of significant steps to strengthen capabilities, improve activity and tighten the organizational structure. The diligent and persistent continuation of our improvement processes, are the basis for our optimistic outlook for the second half of 2024.” BOS will host a video conference call on August 22, 2024 at 9:00 a.m. EDT. A question-and-answer session will follow management’s presentation. To access the video conference call, please click on the following link: https://us06web.zoom.us/j/86985163...