(Nasdaq:BOSC) announced that it netted $227,000 in the second quarter of 2002, versus net loss of $1.29 million in the second quarter of the previous year, for its continued business segments.
The net loss for the second quarter of 2002 including the discontinued segment was $89,000 2 cents per share, compared to a $3.66 million loss 30 cents per share in the corresponding period, the company said.
As announced in the last quarter, BOS decided to discontinue the VAR operations of its wholly owned U.S. subsidiary, Pacific Information Systems ("Pacinfo"), a commercial VAR and e-commerce system solutions provider.
Through its subsidiaries, B.O.S. operates three main business units:
BOScom, a wholly owned subsidiary, develops, produces and markets solutions for IBM mid-range-to-PC and LAN connectivity; printing solutions that are operating-system independent; and innovative telephony solutions for enterprises.
Surf Communication Solutions, an affiliated company, develops and supplies software-based access solutions that are integrated into manufacturers' original equipment in the telecommunications, data communications, telephony and consumer electronics industries.
Consolidated second-quarter revenues were $2.64 million, mainly due to BOScom core product sales of IBM mid-range-to-PC and LAN connectivity solutions and IP Telephony equipment, representing a 50% growth compared to $1.76 million in revenues for the first quarter of 2002 and a growth of 65% compared to the second quarter of 2001.
Gross profits for the second quarter of 2002 were $1.97 million, representing 40% growth compared to $1.41 million for the first quarter of 2002.
Selling, marketing, general and administrative expenses for the second quarter of 2002 totaled $1.40 million compared to $1.16 million during the first quarter of 2002.
Income before discontinued operation for the second quarter of 2002 totaled $227,000 compared to a $382,000 loss for the first quarter of 2002.
The loss related to the discontinued segment amounted to $316,000 compared to $4.370 million in the first quarter of 2002. The decrease was mainly a result of the fully amortization of the goodwill related to Pacinfo which occurred in the first quarter of 2001.