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6-K 1 ea184047-6k_bosbetter.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d -16

Under the Securities Exchange Act of 1934

 

For the Month of August 2023

 

Commission file number 001-14184

 

B.O.S. Better Online Solutions Ltd.

(Translation of Registrant’s Name into English)

 

20 Freiman Street, Rishon LeZion, 7535825, Israel 

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒     Form 40-F ☐

 

 

 


 

B.O.S. Better Online Solutions Ltd.

 

The GAAP financial statements, included in the Press Release that is attached to this Form 6-K, are hereby incorporated by reference into all effective Registration Statements filed by us under the Securities Act of 1933, as amended, to the extent not superseded by documents or reports subsequently filed or furnished.

 

The following exhibit is attached:

 

99.1   Press Release: BOS Reports Financial Results for the Second Quarter of the Year 2023.

 

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Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  B.O.S. Better Online Solutions Ltd.
  (Registrant)
     
  By: /s/ Moshe Zeltzer
    Moshe Zeltzer
    Chief Financial Officer

 

Dated: August 22, 2023

 

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EXHIBIT INDEX

 

EXHIBIT NO.   DESCRIPTION
     
99.1   Press Release: BOS Reports Financial Results for the Second Quarter of the Year 2023.

 

 

3

 

 
EX-99.1 2 ea184047ex99-1_bosbetter.htm PRESS RELEASE: BOS REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF THE YEAR 2023

Exhibit 99.1

 

BOS Reports Financial Results for the Second Quarter of the Year 2023  

 

RISHON LE ZION, Israel, August 22, 2023 – 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=ZGo3bGRuTTRCZEpYOHF1OW1RWml6Zz09 or 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:

 

● The Intelligent Robotics division automates industrial and logistic inventory processes;

 

● The RFID division marks and tracks inventory; and

 

● The Supply Chain division manages inventory.

 

For additional information, contact: Eyal Cohen, CEO
+972-542525925 | eyalc@boscom.com

 

Use of Non-GAAP Financial Information

 

BOS reports financial results in accordance with US GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

 

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Safe Harbor Regarding Forward-Looking Statements

 

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the continued availability of financing for working capital purposes and to refinance outstanding indebtedness; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the US Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

 

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CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands

 

    Six months ended
June 30,		     Three months ended
June 30,		  
    2023     2022     2023     2022  
    (Unaudited)     (Unaudited)  
             
Revenues   $ 23,478     $ 21,138     $ 11,336     $ 10,350  
Cost of revenues     18,409       16,667       8,931       8,130  
Gross profit     5,069       4,471       2,405       2,220  
                                 
Operating costs and expenses:                                
Research and development     78       87       37       36  
Sales and marketing     2,470       2,340       1,224       1,176  
General and administrative     912       999       437       471  
Acquisition expenses     -       44       -       -  
Total operating costs and expenses     3,460       3,470       1,698       1,683  
                                 
Operating income     1,609       1,001       707       537  
Financial expenses, net     (343 )     (529 )     (98 )     (378 )
Income before taxes on income     1,266       472       609       159  
Taxes on income     -       -       -       -  
Net income   $ 1,266     $ 472     $ 609     $ 159  
                                 
Basic and diluted net income per share   $ 0.22     $ 0.09     $ 0.11     $ 0.03  
Weighted average number of shares used in computing basic net income per share     5,707       5,395       5,712       5,538  
Weighted average number of shares used in computing diluted net income per share     5,767       5,438       5,847       5,570  
                                 
Number of outstanding shares as of June 30, 2023 and 2022     5,741       5,702       5,741       5,702  

 

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CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 

    June 30,
2023		     December 31,
2022		  
    (Unaudited)     (Audited)  
ASSETS            
             
CURRENT ASSETS:            
Cash and cash equivalents   $ 1,931     $ 1,763  
Restricted bank deposits     144       130  
Trade receivables     11,011       10,834  
Other accounts receivable and prepaid expenses     1,167       1,414  
Inventories     7,667       6,433  
                 
Total current assets     21,920       20,574  
                 
LONG-TERM ASSETS     244       260  
                 
PROPERTY AND EQUIPMENT, NET     3,341       3,270  
                 
OPERATING LEASE RIGHT-OF-USE ASSETS, NET     955       1,110  
                 
OTHER INTANGIBLE ASSETS, NET     1,174       486  
                 
GOODWILL     4,895       4,895  
                 
Total assets   $ 32,529     $ 30,595  

 

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CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 

   

June 30,
2023

     December 31,
2022		  
    (Unaudited)     (Audited)  
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
             
CURRENT LIABILITIES:            
Current maturities of long term loans   $ 391     $ 586  
Operating lease liabilities, current     235       301  
Trade payables     7,801       7,984  
Employees and payroll accruals     980       1,016  
Deferred revenues     1,550       542  
Advances net of inventory in process     79       47  
Accrued expenses and other liabilities     812       719  
                 
Total current liabilities     11,848       11,195  
                 
LONG-TERM LIABILITIES:                
Long-term loans, net of current maturities     1,209       1,294  
Operating lease liabilities, non-current     674       827  
Long term deferred revenues     401       241  
Accrued severance pay     363       404  
                 
Total long-term liabilities     2,647       2,766  
                 
TOTAL SHAREHOLDERS’ EQUITY     18,034       16,634  
                 
Total liabilities and shareholders’ equity   $    32, 529     $ 30,595  

 

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CONDENSED CONSOLIDATED EBITDA

(U.S. dollars in thousands)

 

    Six months ended
June 30,		     Three months ended
June 30,		  
    2023     2022     2023     2022  
                         
Operating income   $ 1,609     $ 1,001     $ 707     $ 537  
Add:                                
Amortization of intangible assets     73       45       47       31  
Stock-based compensation     49       50       24       25  
Depreciation     165       118       85       60  
EBITDA   $ 1,896     $ 1,214     $ 863     $ 653  

 

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SEGMENT INFORMATION

(U.S. dollars in thousands)

 

    RFID     Supply
Chain Solutions		     Intelligent Robotics     Intercompany     Consolidated  
    Six months ended June 30, 2023  
Revenues   $ 6,948     $ 15,351     $ 1,257     $            77     $ 23,633  
                                         
Gross profit     1,796       3,253       20       -       5,069  
                                         
Allocated operating expenses     1,097       1,859       130       -       3,086  
                                         
Acquisition expenses     -       -       -       -       -  
                                         
Unallocated operating expenses*     -       -       -       374          
                                         
Income (loss) from operations   $ 699     $ 1,394     $ (110 )     -       1,609  
                                         
Financial expenses and tax on income                                     (343 )
                                         
Net income                                   $ 1,266  

 

    RFID     Supply
Chain Solutions		     Intelligent Robotics     Intercompany     Consolidated  
   

Six months ended June 30, 2022

  
Revenues   $ 7,693     $ 12,873     $ 572     $               -     $ 21,138  
                                         
Gross profit (loss)     1,915       2,575       (19 )     -       4,471  
                                         
Allocated operating expenses     1,209       1,585       271       -       3,065  
                                         
Acquisition expenses     44       -       -       -       44  
                                         
Unallocated operating expenses*     -       -       -               361  
                                         
Income (loss) from operations   $ 662     $ 990     $ (290 )     -       1,001  
                                         
Financial expenses and tax on income                                     (529 )
                                         
Net income                                   $ 472  

 

* Unallocated operating expenses include costs not specific to a particular segment but are general to the group, such as expenses incurred for insurance of directors and officers, public company fees, legal fees, and other similar corporate costs.

 

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SEGMENT INFORMATION

(U.S. dollars in thousands)

 

    RFID     Supply
Chain Solutions		     Intelligent Robotics     Intercompany     Consolidated  
   

Three months ended June 30, 2023

  
Revenues   $ 2,931     $ 7,863     $             557     $           14     $ 11,365  
                                         
Gross profit     689       1,668       48       -       2,405  
                                         
Allocated operating expenses     524       931       55       -       1,510  
                                         
Unallocated operating expenses*                             -       188  
                                         
Income (loss) from operations   $ 165     $ 737     $ (7 )     -       707  
                                         
Financial expenses and tax on income                                     (98 )
                                         
Net income                                   $ 609  

 

    RFID     Supply
Chain Solutions		     Intelligent
Robotics		     Intercompany     Consolidated  
   

Three months ended June 30, 2022

  
Revenues   $ 3,590     $ 6,366     $              394     $                  -     $ 10,350  
                                         
Gross profit     885       1,332       3       -       2,220  
                                         
Allocated operating expenses     566       809       129       -       1,504  
                                         
Unallocated operating expenses*                             -       179  
                                         
Income (loss) from operations   $ 319     $ 523     $ (126 )     -       537  
                                         
Financial expenses and tax on income                                     (378 )
                                         
Net income                                   $ 159  

 

* Unallocated operating expenses include costs not specific to a particular segment but are general to the group, such as expenses incurred for insurance of directors and officers, public company fees, legal fees, and other similar corporate costs.

 

 

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