Business
BOS Reports Financial Results for the Third Quarter of the Year 2023
RISHON LE ZION, Israel, Nov. 30, 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, Nov. 30, 2023 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) reported its financial results for the third quarter of the year 2023. Third Quarter 2023 Statements of Operations Highlights: Revenues for the third quarter of 2023 grew by 8.5% to $9.8 million from $9.0 million in the comparable quarter last year.Operating profit for the third quarter of 2023 increased by 87.7% to $441,000 from $235,000 in the comparable quarter last year.EBITDA for the third quarter of 2023 increased by 70.4% to $600,000 from $352,000 in the comparable quarter last year.Financial expenses for the third quarter of 2023 increased to $128,000 from $3,000 in the comparable quarter last year due to currency exchange costs between the NIS and the US$. Net income for the third quarter of 2023 increased by 14.2% to $313,000 or $0.05 per basic share compared to $274,000 or $0.05 per basic share in the third quarter of the year 2022. Balance sheet Highlights: Cash and cash equivalents amounted to $1.2 million as of September 30, 2023, compared to $1.8 million in December 31, 2022. The decrease in cash is attributed mainly to investing activities as reflected in our long-term assets. During the first nine months of 2023, we paid $351,000 for the purchase of distribution rights of electronic components (for the Supply Chain division). We also paid $68,000 on account of the Dagesh acquisition we made in 2022 (for the RFID division). Trade receivables amounted to $11.6 million and 95 aging days as of September 30, 2023, compared to $10.8 million and 95 aging days as of December 31, 2022. Inventories as of September 2023 amounted to $7.2 million and 76 aging days compared to $6.4 million and 72 aging days in December 2022. The increase in inventory is attributed to projects in process in the Robotic division. Bank loans (short and long) amounted to $1.9 million as of September 30, 2023, roughly the same balance as of December 31, 2022. Trade payables amounted to $6.7 million and 70 aging days as of September 30, 2023, compared to $8.0 million and 90 aging days as of December 31 2022. During 2022, we temporarily extended our vendor credit days to support our 25% growth in 2022. Working capital amounted to $10.2 million as of September 30, 2023, compared to $9.4 million as of December 31, 2022...