Business
BOS Reports Fourth Quarter and Year End 2019 Financial Results
RISHON LE ZION, Israel, March 31, 2020 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC), a global provider of
About this update from B.o.s. Better Online Solutions
[{"type":"text","content":"RISHON LE ZION, Israel, March 31, 2020 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. (\"BOS\" or the \"Company\") (NASDAQ: BOSC), a global provider of intelligent systems and services for production and logistics, reported its financial results for the fourth quarter and full year ended December 31, 2019.\n Revenues for the fourth quarter and the year 2019 amounted to $9.4 million and $33.8 million, respectively. The Company’s recent guidance for the year 2019 revenues was $33.0 million. In comparison, revenues for the fourth quarter and the year 2018 amounted to $9.1 million and $32.7 million, respectively. Net loss for the fourth quarter and the year 2019 amounted to $335,000 and $913,000, respectively. In the fourth quarter and for the year 2019, we recorded an intangible assets write-off and acquisition expenses, both related to the Robotics business, of $370,000 and $1.1 million, respectively. Non-GAAP net income for the fourth quarter and the year 2019 amounted to $183,000 and $635,000, respectively. The Company’s recent guidance for the year 2019 non-GAAP net income was $550,000. In comparison, net income for the fourth quarter and the year 2018 amounted to $377,000 and $990,000, respectively. Non-GAAP net income for the fourth quarter and the year 2018 amounted to $411,000 and $1.1 million, respectively. A reconciliation of non-GAAP financial results for the fourth quarter and the year 2019, is presented along with the GAAP financials at the end of this document. Ziv Dekel, Chairman, stated, “2019 was a challenging year for the Intelligent Robotics and RFID division. The acquisition of the Robotics business in June 2019 was strategically important. It provided us with valuable expertise in robotics systems and a footprint in the global market. The demand for robotics systems is growing globally and we believe this business will be our long term growth engine. The current situation with the Covid-19 virus demonstrates the important contribution of robotics to ensuring safer work environments and assisting in business continuity and ongoing production. Additionally, many of our customers are in the food industry and our technology minimizes the human handling of produce, which is presently a particular concern.” Eyal Cohen, CEO, stated, “In our legacy RFID business, we are implementing cost reduction plans to compen...