RISHON LE ZION, Israel, May 30, 2024 (GLOBE NEWSWIRE) -- BOS Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ:BOSC) reported its financial results for the first quarter of the year 2024. First Quarter 2024 Financial Highlights: Revenues decreased by 7% to $11.3 million from $12.1 million in the first quarter of the year 2023; Gross profit margin improved to 22.7% compared to 21.9% in the first quarter of the year 2023; EBITDA amounted to $1,003,000 compared to $1,031,000 in the first quarter of the year 2023; Financial expenses decreased by 57.3% to $105,000 from $246,000 in the first quarter of the year 2023; Net income increased by 13% to $741,000 or $0.13 per basic share compared to $656,000 or $0.12 per basic share in the first quarter of the year 2023; Eyal Cohen, BOS' CEO, stated: "I am pleased with the financial results of the first quarter of 2024 reflecting a record quarterly net income of $741,000 and earnings per share of $0.13. These results puts us on track towards achieving our financial targets for 2024: revenues of $46 million and net income of $2.2 million." Ziv Dekel, BOS Chairman, added, "BOS has consistently experienced year-on-year growth since 2021, and with a positive cash net of loans, we are poised for even greater future success. Our management team is dedicated to cultivating a growth engine and strengthening our competitive position across various markets." BOS will host a video conference meeting on May 30, 2024 at 9:00 a.m. EDT. A question-and-answer session will follow management's presentation. To access the video conference meeting, please click on the following link: https://us06web.zoom.us/j/87881833577?pwd=kBrRtaRoERkOnED2Si30FMerPfjwLJ.1 For those unable to participate in the video conference, a recording of the meeting will be available the next day on the BOS website: www.boscorporate.com About BOS BOS leverages cutting-edge technologies to optimize supply chain operations across three key divisions. The Intelligent Robotics division streamlines industrial and logistics inventory processes. The RFID division efficiently marks and tracks inventory and the Supply Chain division effectively manages inventory supply. 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. 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 effect of the war against the Hamas and other terrorist organizations, 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.                   CONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands                     Three months ended March 31,   Year ended December 31,   2024   2023   2023   (Unaudited)   (Unaudited)   (Audited)                   Revenues $ 11,287     $ 12,141     $ 44,179   Cost of revenues 8,727     9,477     34,970   Gross profit 2,560     2,664     9,209   Operating costs and expenses:                 Research and development 44     41     158   Sales and marketing 1,162     1,246     4,891   General and administrative 508     475     1,762   Other income, net -     -     (52 ) Total operating costs and expenses 1,714     1,762     6,759                     Operating income 846     902     2,450   Financial expenses, net (105 )   (246 )   (441 ) Income before taxes on income 741     656     2,009   Tax on income -     -     (4 ) Net income $ 741     $ 656     $ 2,005                     Basic net income per share $ 0.13     $ 0.12     $ 0.35   Diluted net income per share $ 0.13     $ 0.11     $ 0.34   Weighted average number of shares used in computing basic net income per share 5,748     5,702     5,727   Weighted average number of shares used in computing diluted net income per share 5,828     5,712     5,905                     Number of outstanding shares as of March 31, 2024 and 2023 and December 31, 2023 5,748     5,702     5,748                     CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands)     March 31, 2024   December 31, 2023   (Unaudited)   (Audited) ASSETS                               CURRENT ASSETS:               Cash and cash equivalents $ 2,697     $ 2,344   Restricted bank deposits   214       217   Trade receivables, net   13,381       12,424   Other accounts receivable and prepaid expenses   1,197       963   Inventories   5,773       6,070                   Total current assets   23,262       22,018                   LONG-TERM ASSETS   204       196                   PROPERTY AND EQUIPMENT, NET   3,310       3,268                   OPERATING LEASE RIGHT-OF-USE ASSETS, NET