Business
BOS Reports Financial Results for the Second Quarter of the Year 2023
RISHON LE ZION, Israel, Aug. 22, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported its financial
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"RISHON LE ZION, Israel, Aug. 22, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) reported its financial results for the second quarter of the year 2023. Second Quarter 2023 Financial Highlights: Revenues for the second quarter of 2023 grew by 9.5% to $11.3 million from $10.3 million in the comparable quarter last year.Operating profit for the second quarter of 2023 increased by 32% to $707,000 compared to $537,000 in the comparable quarter last year.EBITDA for the second quarter of 2023 increased by 32% to $863,000 from $653,000 in the comparable quarter last year.Financial expenses for the second quarter of 2023 decreased to $98,000 compared to $378,000 in the comparable quarter last year. The decrease is attributed to the depreciation of the Israeli NIS as compared to the US dollar by 10.2% in the second quarter of the year 2022 as compared to a depreciation of 2.3% in the second quarter of the year 2023. Net income for the second quarter of 2023 increased by 283% to $609,000 or $0.11 per basic share compared to $159,000 or $0.03 per basic share in the second quarter of the year 2022. Ziv Dekel, BOS' Chairman, stated: \"BOS' management has invested extensive resources to strengthen BOS' market position and penetrate new business segments. I am pleased to see the positive results consistently yielded by these efforts since 2021. In addition, we are looking for an M&A opportunity for further expansion.\" Eyal Cohen, BOS' CEO, stated: \"The relatively strong results in the first half of the year and our backlog for the remainder of the year 2023 advance us towards meeting and possibly exceeding our financial targets for 2023, which are revenues of over $45 million and net income above $1.5 million.\" BOS will host a conference call on August 22, 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 click on the following link:https://us06web.zoom.us/j/87034095301?pwd=ZGo3bGRuTTRCZEpYOHF1OW1RWml6Zz09or dial to: +1 646 876 9923, meeting ID – 870 3409 530, passcode – 455932 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 empowers inventory processes through its three business divisions...