Business
BOS Reports Financial Results for the Fourth Quarter and the Year 2022
Exceeds the projections for 2022 and positive outlook for year 2023 RISHON LE ZION, Israel, March 29, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"Exceeds the projections for 2022 and positive outlook for year 2023\nRISHON LE ZION, Israel, March 29, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) reported its financial results for the fourth quarter and the year 2022. Fourth Quarter 2022 Financial Highlights: Revenues grew by 25% to $11.3 million from $9.1 million in the fourth quarter of the year 2021;Gross profit margin improved to 22.8% compared to 19.0% in the fourth quarter of the year 2021;Operating profit amounted to $652,000 compared to $58,000 in the fourth quarter of the year 2021;EBITDA amounted to $781,000 compared to $149,000 in the fourth quarter of the year 2021;Financial expenses increased to $115,000 from $2,000 in the fourth quarter of the year 2021;Net income amounted to $531,000 or $0.09 per basic share compared to $100,000 or $0.02 per basic share in the fourth quarter of the year 2021; Year 2022 Financial Highlights: Revenues grew by 23% to $41.5 million from $33.6 million in the year 2021 ;Gross profit margin improved to 21.8% from 19.6% in the year 2021;Operating profit increased to $1.9 million from $0.5 million in the year 2021;EBITDA amounted to $2.4 million compared to $0.84 million in the year 2021.Financial expenses increased to $647,000 from $105,000 in the year 2021.Net income amounted to $1.28 million or $0.23 per basic share compared to $0.45 million or $0.09 per basic share in the year 2021. Financial Outlook: For the full year 2023, BOS currently expects: Revenues of $45 millionNet income of $1.5 million Eyal Cohen, BOS' CEO stated: \"We are pleased with the financial results of year 2022, which were above our expectations. We feel comfortable with our year 2023 projection and we are executing our growth plan that should yield further positive results in year 2024.\" Ziv Dekel, BOS’ Chairman stated: “ Year 2022 was characterized by continued strengthening of BOS' core capabilities and enhancement of our competitive position in our different market places. This forms the basis for our future growth and profits.\" BOS will host a conference call on Wednesday, March 29, 2023, 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, Internati...