Business
BOS Reports Financial Results for the Third Quarter and First Nine Months of the Year 2021
RISHON LE ZION, Israel, Nov. 30, 2021 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) reported financial results
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"RISHON LE ZION, Israel, Nov. 30, 2021 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) reported financial results for the third quarter and first nine months of the year 2021. Eyal Cohen, BOS's CEO, stated: \"We have made progress in the first nine months of the year 2021 as compared to the comparable period last year: 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 yearA fifth consecutive profitable quarter. The Robotics division’s operating loss has decreased significantly, to $489,000 in the first nine months of 2021 from $2.4 million in the comparable period last year. However, the Robotics division did not yet reach the breakeven point as previously projected. We expect the Robotics division to breakeven in the year 2022. We believe in the long-term growth potential of our Robotics division because of the increasing shortage in manpower for industrial and logistic processes. 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 $170,000 as compared to the comparable period last year.\" 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\". Eyal Cohen, BOS's CEO, added:\" In view of the third quarter results, we have revised our outlook for the year 2021 in respect of our net income, to be between $400,000 and $600,000 instead of $1,000,000. Our outlook for the year 2021 revenues has not been changed and remains $33 million. We will announce our outlook for the year 2022 during the first quarter of the year 2022\". BOS will host a conference call on Tuesday, November 30, 2021, at 9:00 a.m. EST, 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...