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B.O.S. Announces Financial Results For Second Quarter Of 2012

Stocks in this article: BOSC

RISHON LEZION, Israel, Aug. 9, 2012 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. (the "Company", "BOS") (Nasdaq:BOSC), a leading Israeli provider of RFID and Supply Chain Solutions to global enterprises, today reported its financial results for the three months ended June 30, 2012.

Revenues for the second quarter of fiscal 2012 amounted to $5.9 million, compared to $8.4 million in the comparable quarter last year. Gross margin improved to 22.2% from 20.5% in the comparable quarter last year.

Operating profit for the second quarter of fiscal 2012 amounted to $132,000 compared to operating loss of $89,000 in the comparable period of last year.

Net loss for the second quarter of fiscal 2012 was reduced to $214,000 from a net loss of $324,000 in the comparable period of last year.

On a non-GAAP basis, the net profit for the second quarter of 2012 was $10,000 compared to a net loss of $17,000 in the comparable period of last year.

EBITDA for the second quarter of fiscal 2012 increased to $251,000 from $139,000 in the comparable period of last year.

Yuval Viner, BOS CEO, stated: "Revenues for the second quarter of year 2012 reflect the continued slowdown in our markets. As part of our ongoing efforts to operate within this difficult market, we have adjusted our costs and have already achieved improved results which are reflected in the gross margin rate, in the operating profit and in our net profit on a non-GAAP basis. We continue to invest in expanding our product offerings to support future growth."

Eyal Cohen, BOS CFO, stated: "Net cash flow provided by operating activities for the second quarter of fiscal 2012 was $1.1 million. We used the proceeds from operating activities to reduce our bank loans to $7.5 million as of June 30, 2012 from $8.5 million as of March 31, 2012."

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