Business
BOS Reports Financial Results for the Third Quarter of the Year 2024
RISHON LE ZION, Israel, Nov. 27, 2024 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC) a global integrator for
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"RISHON LE ZION, Israel, Nov. 27, 2024 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC) a global integrator for supply chain technologies, reported its financial results for the third quarter of the year 2024. Third Quarter 2024 Statements of Operations Highlights: Revenues for the third quarter amounted to $9.83 million, roughly unchanged from the comparable quarter last year.Gross profit margin for the third quarter of 2024 increased to 21.9% compared to 20.9% in the comparable quarter last year.Operating profit for the third quarter of 2024 increased by 24.8% to $551,000 from $441,000 in the comparable quarter last year.EBITDA for the third quarter of 2024 increased by 18.3% to $710,000 compared to $600,000 in the comparable quarter last year.Financial income (expenses) for the third quarter of 2024 amounted to $24,000, compared to financial expenses of $(128,000) in the comparable quarter last year. Net income for the third quarter of 2024 increased by 83.1% to $574,000 compared to $313,000 in the comparable quarter last year.Basic net income per share for the third quarter of 2024 doubled to $0.10 compared to $0.05 in the comparable quarter last year. Eyal Cohen, BOS' CEO, stated: \"We are pleased with our third-quarter and nine-month results, which highlight improved profitability driven primarily by enhanced operational efficiency and higher product mix margins. However, we now anticipate falling short of our projected $46 million annual revenue target, and expect to close 2024 with approximately $40 million in revenues. This shortfall stems largely from the delay in the delivery of customer orders, which we had anticipated for completion before year-end. That said, we do remain on track to achieve our net income target of $2.2 million in 2024, demonstrating our ability to manage costs effectively and maintain profitability in spite of the interim decrease in revenues. Looking ahead, we are optimistic about our growth prospects for next year, as a significant portion of our revenues is defense-oriented—an industry experiencing strong and sustained growth. This optimism is reinforced by the 15% increase in our backlog to $23 million as of September 30, 2024, compared to $20.1 million at the end of 2023, as well as the $2.7 million order from a defense customer that we announce...