B.O.S. Better Online Solutions .(BOSC)
Search documents
B.O.S. Better Online Solutions .(BOSC) - 2022 Q1 - Earnings Call Transcript
2022-05-31 14:02
Financial Data and Key Metrics Changes - The company received orders totaling $13.8 million, reflecting a 60% increase compared to the same quarter last year [8] - Revenue for the first quarter exceeded $10 million, indicating an annualized rate of $40 million, which is above the forecast of over $35 million for the year [14] Business Line Data and Key Metrics Changes - The Supply Chain division secured significant orders, including $2.4 million from an Israeli aviation industry customer and $600,000 from a U.S. defense industry client [8] - The Intelligent Robotic division received a recurring order worth $600,000 for an industrial robotics line, emphasizing the focus on automation needs [9] Market Data and Key Metrics Changes - The company noted favorable market trends, including a global shortage of electronic components and the impact of the conflict in Europe, which positively affected the Supply Chain and RFID divisions [5][6] Company Strategy and Development Direction - The company is focused on enhancing core capabilities, expanding product and service offerings, and leveraging the acquisition of Dagesh in the RFID division to increase market share [6][10] - The acquisition of a competitor in the RFID division is expected to create operational synergies and strengthen market position [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continuous improvement driven by market trends and operational enhancements [6] - There are positive indications from clients regarding growing demand, with expectations for continued order flow into 2023 [13] Other Important Information - The company aims for revenues exceeding $35 million and net income to surpass $1 million in 2022, compared to a net income of $450,000 in 2021 [11] Q&A Session Summary Question: Forecast for defense industry customers and pipeline of orders - Management indicated positive indications from clients for growing demand and more orders expected this year and potentially next year [12][13] Question: Revenue and net income estimates for 2022 - Management confirmed the estimates for 2022 and noted the possibility of exceeding these numbers if the current order trends continue [14]
B.O.S. Better Online Solutions .(BOSC) - 2021 Q4 - Earnings Call Transcript
2022-03-31 04:27
B.O.S. Better Online Solutions Ltd. (NASDAQ:BOSC) Q4 2021 Earnings Conference Call March 30, 2022 9:00 AM ET Company Participants Eyal Cohen - CEO Moshe Zeltzer - CFO Conference Call Participants Unidentified Analyst - Operator Ladies and gentlemen, thank you for standing by. Welcome to the BOS Year 2021 Results Conference Call. All participants are at present in listen-only mode. Following management’s formal presentation instructions will be given for the question-and-answer session. [Operator Instructio ...
B.O.S. Better Online Solutions .(BOSC) - 2021 Q4 - Annual Report
2022-03-30 16:00
Part I [Item 1: Identity of Directors, Senior Management and Advisors](index=6&type=section&id=Item%201%3A%20Identity%20of%20Directors%2C%20Senior%20Management%20and%20Advisors) This section states that information regarding directors, senior management, and advisors is not applicable - The information for this item is explicitly stated as 'Not applicable'[22](index=22&type=chunk) [Item 2: Offer Statistics and Expected Timetable](index=6&type=section&id=Item%202%3A%20Offer%20Statistics%20and%20Expected%20Timetable) This section indicates that offer statistics and the expected timetable are not applicable - The information for this item is explicitly stated as 'Not applicable'[23](index=23&type=chunk) [Item 3: Key Information Regarding BOS](index=6&type=section&id=Item%203%3A%20Key%20Information%20Regarding%20BOS) This section provides key information about BOS, including capitalization, indebtedness, offer reasons, and comprehensive risk factors [3A: [Reserved]](index=6&type=section&id=3A%3A%20%5BReserved%5D) This sub-item is reserved and contains no specific information - This sub-item is reserved and not applicable[25](index=25&type=chunk) [3B. Capitalization and Indebtedness](index=6&type=section&id=3B.%20Capitalization%20and%20Indebtedness) This sub-item details the company's capitalization and indebtedness - This sub-item is not applicable[25](index=25&type=chunk) [3C. Reasons for the Offer and Use of Proceeds](index=6&type=section&id=3C.%20Reasons%20for%20the%20Offer%20and%20Use%20of%20Proceeds) This sub-item outlines the reasons for the offer and the intended use of proceeds - This sub-item is not applicable[26](index=26&type=chunk) [3D. Risk Factors](index=6&type=section&id=3D.%20Risk%20Factors) This sub-item details various risks impacting the company's financial results, operations, and share value - The Company faces risks related to its financial results and capital structure, including significant debt obligations, a history of losses, and dependence on a single bank for credit facilities. As of December 31, 2021, the Company had **$1.4 million in long-term bank debt**[29](index=29&type=chunk)[33](index=33&type=chunk)[37](index=37&type=chunk) - Operational risks include reliance on key suppliers (e.g., **17% of Supply Chain Solutions purchases from Positronics in 2021**), dependence on key personnel, challenges in managing growth and integrating acquisitions (Imdecol impairment losses of **$988k in 2019** and **$970k in 2020**), and potential product defects or intellectual property infringements[43](index=43&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) - External factors such as U.S. Government laws (e.g., FCPA), future changes in industry standards, Israeli labor law changes (minimum wage increase), and inflation/currency fluctuations (NIS appreciated against USD by **3.3% in 2021**) could adversely affect the business[72](index=72&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - The COVID-19 pandemic has caused disruptions in the global supply chain, delays in shipments, and potential negative impacts on customer payments and overall economic activity[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) - Risks related to Ordinary Shares include price volatility (ranging from **$2.27 to $2.43 from Jan 2021 to Mar 2022**), potential delisting from Nasdaq due to non-compliance, and dilution from future share sales[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Geopolitical risks due to the Company's location in Israel, including armed conflicts and political instability, could disrupt operations. Additionally, Israeli laws regarding anti-takeover effects and the enforceability of civil liabilities against non-U.S. resident directors/officers pose risks[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[130](index=130&type=chunk) - The Company's status as a foreign private issuer allows it to follow Israeli corporate governance practices, which may offer less protection to shareholders compared to Nasdaq's rules[133](index=133&type=chunk) [Item 4: Information on the Company](index=21&type=section&id=Item%204%3A%20Information%20on%20the%20Company) This section details the Company's history, business operations across its three divisions, organizational structure, property, and equipment [4A. History and Development of the Company](index=21&type=section&id=4A.%20History%20and%20Development%20of%20the%20Company) This sub-item outlines the company's incorporation, listing, and key acquisitions across its divisions - B.O.S. Better Online Solutions Ltd. was incorporated in Israel in 1990 and is listed on the Nasdaq Capital Market under 'BOSC'[140](index=140&type=chunk) - The Company operates through three divisions: Intelligent Robotics, RFID, and Supply Chain. Key acquisitions include Imdecol Ltd. (June 2019) for Intelligent Robotics, iDnext Ltd. (Jan 2016) and Dagesh Inventory Counting and Maintenance Ltd. (March 2022) for the RFID Division[143](index=143&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) Dagesh Acquisition Payment Terms | Payment Type | Amount (NIS) | Approx. USD | Payment Date | |:-------------|:-------------|:------------|:-------------| | Initial | 1,500,000 | 450,000 | Closing | | Installment | 700,000 | 210,000 | April 2022 | | Installment | 100,000 | 30,000 | March 2023 | | Earn-out | 3%-6% of revenues > NIS 2.5M | Variable | March 2023 | | Retention Bonus | 100,000 | 30,000 | March 2023 | [4B. Business Overview](index=22&type=section&id=4B.%20Business%20Overview) This sub-item describes the company's three business segments, their offerings, and market dynamics - BOS manages its business in three reportable segments: Intelligent Robotics, RFID, and Supply Chain, serving diverse industries including avionics, defense, retail, and government[150](index=150&type=chunk)[151](index=151&type=chunk) - The Intelligent Robotics Division focuses on custom-made machines for industrial automation, with a shift towards the Israeli market, securing **$1.06 million in orders** from Israeli customers between December 2021 and February 2022[152](index=152&type=chunk)[155](index=155&type=chunk) - The RFID Division offers comprehensive turn-key solutions for Automatic Identification and Data Collection (AIDC), including hardware (printers, scanners, tags) and software (Warehouse Management System - WMS), along with on-site inventory count services[157](index=157&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[168](index=168&type=chunk) - The Supply Chain Solutions Division provides electro-mechanical components, primarily to aerospace and defense industries, offering consolidation, kitting, and inventory management services[171](index=171&type=chunk)[172](index=172&type=chunk) - The Company's sales are subject to seasonality, with revenues in the first and fourth quarters typically higher due to inventory counting services[178](index=178&type=chunk) Sales by Division (2019-2021) | Division | 2021 Revenue ($) | 2021 % of Total | 2020 Revenue ($) | 2020 % of Total | 2019 Revenue ($) | 2019 % of Total | |:--------------------------|:-----------------|:----------------|:-----------------|:----------------|:-----------------|:----------------| | Intelligent Robotics | 1,576 | 5% | 2,502 | 8% | 826 | 3% | | RFID | 13,192 | 39% | 12,523 | 37% | 13,241 | 39% | | Supply Chain | 19,008 | 57% | 18,594 | 55% | 19,750 | 58% | | Intercompany | (142) | -1% | (68) | -% | - | -% | | **Total Revenues** | **33,634** | **100%** | **33,551** | **100%** | **33,817** | **100%** | Sales by Major Geographic Areas (2019-2021) | Geographic Area | 2021 Revenue ($) | 2021 % | 2020 Revenue ($) | 2020 % | 2019 Revenue ($) | 2019 % | |:------------------|:-----------------|:-------|:-----------------|:-------|:-----------------|:-------| | Israel | 25,662 | 77% | 24,369 | 73% | 23,493 | 69% | | Far East | 3,494 | 10% | 3,831 | 11% | 5,055 | 15% | | India | 1,701 | 5% | 2,375 | 7% | 3,624 | 11% | | America | 2,032 | 6% | 2,449 | 7% | 901 | 3% | | Europe | 555 | 2% | 527 | 2% | 744 | 2% | | Rest of the world | 190 | - | - | - | - | - | | **Total Revenues**| **33,634** | **100%**| **33,551** | **100%**| **33,817** | **100%**| [4C. Organizational Structure](index=27&type=section&id=4C.%20Organizational%20Structure) This sub-item outlines the company's wholly-owned subsidiaries and their respective divisions - The Company's wholly-owned subsidiaries include BOS-Dimex (Intelligent Robotics and RFID divisions), BOS-Odem (Supply Chain Solutions division), and Ruby-Tech Inc. (U.S. subsidiary, part of Supply Chain Solutions)[190](index=190&type=chunk) [4D. Property, Plants and Equipment](index=27&type=section&id=4D.%20Property%2C%20Plants%20and%20Equipment) This sub-item describes the company's main operational facilities and associated rental costs - The Company's main offices, shipping, and service operations are located in Rishon LeZion/Rosh Ha'ain, Israel, occupying **2,831 square meters** under a lease through April 2023[188](index=188&type=chunk) Average Monthly Rental Fees | Year | Average Monthly Rental Fees ($) | |:-----|:--------------------------------| | 2021 | 28,000 | | 2020 | 29,000 | [Item 4A: Unresolved Staff Comments](index=27&type=section&id=Item%204A%3A%20Unresolved%20Staff%20Comments) This section refers to Item 10D for exchange controls, indicating no specific unresolved staff comments - This item cross-references to 'Item 10D. Exchange Controls' for relevant information[188](index=188&type=chunk) [Item 5: Operating and Financial Review and Prospects](index=28&type=section&id=Item%205%3A%20Operating%20and%20Financial%20Review%20and%20Prospects) This section provides management's discussion and analysis of the Company's financial condition, operations, liquidity, and critical accounting estimates [Overview](index=28&type=section&id=Overview) This sub-item provides a general overview of BOS's business and its operational segments - BOS is a global provider of comprehensive solutions aimed at improving inventory control and increasing productivity in production and logistics processes, operating through three divisions: Intelligent Robotics, RFID, and Supply Chain[193](index=193&type=chunk) [COVID-19 Impact and Business Strategy](index=28&type=section&id=COVID-19%20Impact%20and%20Business%20Strategy) This sub-item discusses the disruptions caused by the COVID-19 pandemic and its potential business impacts - The COVID-19 pandemic has caused disruptions in the global supply chain, decreased transportation, and imposed travel/work restrictions, leading to delays in goods receipt and shipment[195](index=195&type=chunk) - The Company relies on manufacturers in China for some products, and COVID-19 effects may hinder production/shipment, adversely impacting trading, operations, sales, and customer debt collection[196](index=196&type=chunk) [Key measures of our performance](index=29&type=section&id=Key%20measures%20of%20our%20performance) This sub-item outlines the key metrics and factors influencing BOS's financial performance - BOS's performance is driven by its three divisions providing products and services to improve inventory production and control efficiency[198](index=198&type=chunk) - Revenue is influenced by end-user capital expenditure budgets (affected by macroeconomic factors) and product lead times, especially amidst global component shortages[202](index=202&type=chunk) - Costs of revenues primarily consist of product purchases, labor costs (Intelligent Robotics, RFID technicians, warehouse staff), rent, and depreciation[203](index=203&type=chunk) - Gross profit and margin are influenced by product mix and the Intelligent Robotics division's gross loss, which the Company aims to bring to breakeven[206](index=206&type=chunk) [Operating expenses](index=30&type=section&id=Operating%20expenses) This sub-item details the composition of operating expenses and significant legal contingencies - Operating expenses mainly comprise selling, general, and administrative (SG&A) expenses, including employee compensation, commissions, advertising, professional service fees, and allocated facilities costs[207](index=207
B.O.S. Better Online Solutions .(BOSC) - 2021 Q3 - Earnings Call Transcript
2021-11-30 16:30
BOS Better Online Solutions Ltd (NASDAQ:BOSC) Q3 2021 Earnings Conference Call November 30, 2021 9:00 AM ET Company Participants Eyal Cohen - CEO & Director Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. Welcome to the BOS Third Quarter 2021 Results Conference Call. [Operator Instructions]. As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow. With us on the line today are Mr. Eyal Cohen, CEO; and Mr. Moshe Zelt ...
B.O.S. Better Online Solutions .(BOSC) - 2021 Q3 - Quarterly Report
2021-09-29 16:00
Exhibit 99.1 B.O.S. BETTER ONLINE SOLUTIONS LTD. AND IT'S SUBSIDIARIES CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2021 IN U.S. DOLLARS UNAUDITED INDEX Page | --- | --- | |----------------------------------------------------------------------------------------|--------------| | | | | Condensed Interim Consolidated Balance Sheets | F2 – F3 | | | | | Condensed Interim Consolidated Statements of Operations | F4 | | Condensed Interim Consolidated Statements of Comprehensive Income (loss) ...
B.O.S. Better Online Solutions .(BOSC) - 2021 Q2 - Earnings Call Transcript
2021-08-31 15:26
B.O.S. Better Online Solutions Ltd. (NASDAQ:BOSC) Q2 2021 Results Conference Call August 31, 2021 9:00 AM ET Company Participants Eyal Cohen - Chief Executive Officer Moshe Zeltzer - Chief Financial Officer Conference Call Participants Todd Felte - Advisory Group Equity Services David Dansby - Janney Montgomery Scott Operator Ladies and gentlemen, thank you for standing by. Welcome to the BOS Second Quarter 2021 Results Conference Call. All participants are at present in a listen-only mode. Following manage ...
B.O.S. Better Online Solutions .(BOSC) - 2021 Q1 - Earnings Call Transcript
2021-05-28 15:19
B.O.S. Better Online Solutions Ltd. (NASDAQ:BOSC) Q1 2021 Earnings Conference Call May 28, 2021 9:00 AM ET Company Participants Ziv Dekel - Chairman Eyal Cohen - Chief Executive Officer Conference Call Participants Todd Felte - Advisory Group Equity Services Operator Ladies and gentlemen, thank you for standing by. Welcome to the BOS First Quarter 2021 Results Conference Call. All participants are at present in a listen-only mode. Following management's formal presentation, instructions will be given for th ...
B.O.S. Better Online Solutions .(BOSC) - 2020 Q4 - Earnings Call Transcript
2021-03-30 15:55
Financial Data and Key Metrics Changes - The company reported consecutive quarters of growth in revenue and profits during the second half of 2020, with the Robotics division becoming the primary growth factor in Q4 [4] - Operating income for the Supply Chain division remained stable at $1.1 million in 2020, similar to 2019, despite a 5% revenue reduction [7] - The RFID division saw a revenue decrease of 7% due to COVID-19, but operating profit increased to approximately $1 million from an operating loss of $100,000 in 2019 [8] Business Line Data and Key Metrics Changes - The Robotics division is positioned as the growth engine, focusing on automation for mold producers, which has started to yield revenue in Q4 [4][5] - The Supply Chain division experienced a revenue decline primarily due to the Indian market, but North American sales improved gross profit margins [7] - The RFID division's revenue decline was offset by cost reductions, leading to improved operating profit [8] Market Data and Key Metrics Changes - The Robotics division targets mold producers mainly in North America, with existing customers in South America [13] - The company has reorganized its U.S. sales operations, which has shown promising results since January 2021 [9] Company Strategy and Development Direction - The mission of the Robotics division is to become a leading provider of automation systems for mold producers, with a focus on improving production efficiency and ROI [6] - The company aims to increase its client base in the U.S. and enhance its sales and technical support capabilities [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Robotics division's growth potential and the effectiveness of the new U.S. sales structure [9] - The company does not anticipate the need for additional financing in 2021 unless a target acquisition arises [10] Other Important Information - The company has made significant progress in building its Robotics division, which is expected to drive future growth [4] - The automation solutions provided by the Robotics division significantly reduce workforce requirements and improve production cycles [15] Q&A Session Summary Question: Inquiry about Robotics growth in the U.S. - Management indicated that the reorganization of U.S. sales operations has been effective, with expectations for breakthrough sales in the coming months [9] Question: Clarification on future financing needs - Management confirmed that no additional funds are expected to be raised in 2021 unless necessary for acquisitions [10] Question: Request for details on the Robotics division's proposals and target market - Management elaborated on the focus on mold producers and the comprehensive automation solutions offered, which enhance efficiency and reduce labor costs [13][15]
B.O.S. Better Online Solutions .(BOSC) - 2020 Q4 - Annual Report
2021-03-29 16:00
As filed with the Securities and Exchange Commission on March 30, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ ...
B.O.S. Better Online Solutions .(BOSC) - 2020 Q3 - Earnings Call Transcript
2020-11-30 16:50
B.O.S. Better Online Solutions Ltd. (NASDAQ:BOSC) Q3 2020 Earnings Conference Call November 30, 2020 10:00 AM ET Company Participants Zev Dekel - Chairman Eyal Cohen - CEO Conference Call Participants Todd Felte - RHK Capital, LLC Operator Ladies and gentlemen, thank you for standing by. Welcome to the BOS Third Quarter 2020 Results Conference Call. All participants are present in a listen-only mode. Following managementâs formal presentation, instructions will be given for the question-and-answer session. ...