B.O.S. Better Online Solutions

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 management's formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference call is being recorded and will be available on the BOS website as of tomorrow. With us online today are Mr. Ziv Dekel, Chairman, and Mr. Eyal Cohen, CEO. Before I turn the call over to Mr. Ziv, I would like to remind everyone that forward-looking statements for the respective company's business, financial condition, and results of its operations are subject to risks and uncertainties which could cause actual results to differ materially from those contemplated. Such forward-looking statements include, but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, and the effect of the company's accounting policies as well as certain other risk factors which are detailed from time to time in the company's filings with the various securities authorities. I would now like to hand the call over to Mr. Ziv Dekel, Chairman. Mr. Dekel, please go ahead.

Thank you. Hello and thank you for joining our call today. Encouraged by the progress we have made so far, I would like to share with you my view from three different points of views. From a quarter-to-quarter perspective, revenues grew and the operating profit and net income have turned around dramatically. From an annual perspective, all the divisions have made significant progress in sales, marketing, cost structure, efficiency and internal competitive capabilities. From a strategic perspective, the company is now on a very well executed, consistent path of enhancing and fortifying its competitive position. and grow its international business, global business, with its specific challenges, risks and opportunities. So I would like to thank you and would like to turn the call to Eyal Cohen, our CEO.

Thank you. Hello and thank you for joining our call today. I am pleased to meet our shareholders' expectations for a profitable Our supply chain and RFID division presented strong performance in the third quarter and the first nine months of the year, despite the COVID that adversely affected its revenues. The supply chain keeps on record profitability and the turnaround in the RFID division continuing in full force. We are investing in the robotic business to be the growth engine of BOSS for the coming years. According to IFR research, worldwide sales of industrial robots have compounded annual growth of 14%. We plan to realize this growth potential by expanding our North American presence, which we have targeted as a key market for our robotic division. At the beginning of the year, we opened the sales office in the U.S., but the COVID pandemic has made the penetration much more complicated than expected. We have adjusted our sales and marketing plan and made personal changes to the U.S. sales team. I believe that with those changes, we are well positioned toward the year 2021. Accordingly, we expect BOSS revenues for year 21 to exceed $33 million and net profit of above $1 million. Thank you, and now we will take your question.