RISHON LEZION, Israel, May 23, 2013 (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 March 31, 2013, which is the first quarter of BOS' fiscal year ended December 31, 2013.
The net loss for the first quarter of fiscal 2013 amounted to $203,000 which reflected an improvement from the net loss of $306,000 in the comparable period of last year.
On a non-GAAP basis, the net loss for the first quarter of 2013 was $90,000 compared to net loss of $185,000 in the comparable period of last year.Avidan Zelicovski, BOS President, stated: "The results for the first quarter of fiscal 2013 reflect a bottom line improvement over the comparable period of last year, primarily as a result of an increase in the RFID and mobile division's gross profit and a decrease in financial expenses. However, the revenues and gross margin of the supply chain division were lower than the comparable period of last year which adversely affected the results for the first quarter of fiscal 2013. On the positive side, the supply chain division backlog is relatively high and amounted to $8 million. In addition, the supply chain division has recently entered into an agreement with a leading aircraft manufacturer. I am confident that the upcoming quarters of the supply chain division will generate higher revenues and an improved gross profit, which would positively impact the financial results of BOS." "We reiterate our outlook of net profit on a non-GAAP basis in fiscal year 2013," Zelicovski added. Eyal Cohen, BOS CFO, stated: "Cash flows from operating activities for the first quarter of fiscal 2013 increased to $478,000 compared to no cash in the comparable period last year. Our cash and cash equivalents grew to $771,000 as of March 31, 2013 compared to $354,000 in December 31, 2012. In addition, as of March 31, 2013 we hold a long term bank deposit of $449,000."