via NEWMEDIAWIRE --
SilverSun Technologies,
Inc. (NASDAQ: SSNT), a national provider of
transformational business technology solutions and services, today
announced its first quarter results for the three months ended
March 31, 2019.
Financial Highlights for Three Months Ended March 31, 2019 As
Compared to Three Months Ended March 31, 2018:
- Revenues increased to $10,492,758, rising
12.7% from $9,310,074.
- Software sales increased 6.1% to $1,734,958
from $1,635,061
- Services revenues totaled $8,757,800,
increasing 14.1% from $7,675,013.
- Gross profit increased 13.6% to
$4,476,892 as compared to $3,940,738.
- Total recurring revenue (in dollars) is up
27%, and is now 44.4% of total revenue, as compared to
39%.
- Subscription Revenue totaled $884,917,
increasing 205% from $290,113
- Earnings before interest, taxes,
depreciation, amortization and share-based compensation (“EBITDA”)
were $355,681, increasing 24.9% from $284,696.
- Net income was $96,036, or $0.02 earnings
per basic and diluted share, compared to net income of $58,387, or
$0.01 earnings per basic and diluted share.
As of March 31, 2019, the Company had $653,116 in cash;
$2,950,300 in accounts receivable; $1,745,426 in long term debt;
and total stockholders' equity of $4,436,909. The Company has a
$2,000,000 line of credit with a commercial lender, and the
outstanding balance on that line of credit is $0.
For more details on SilverSun's first quarter results, please
refer to the Company's 10-Q filed with the U.S. Securities Exchange
Commission and accessible at www.sec.gov.
Commenting on the results, Mark Meller, Chairman and CEO of
SilverSun, stated, “Despite a slow start, this was an excellent
quarter for SilverSun. We completed the acquisition of
Chicago-based Partners in Technology in January. Our subsidiary,
SWK Technologies, was named Acumatica Partner of the Year. Our EDI
product, MAPADOC, was named Acumatica ISV of the Year, and we
continued to make significant inroads with our application hosting
and cybersecurity-as-a-service subsidiaries.”
“Our record first quarter revenue reflects the success of
various growth initiatives across all our platforms. One
principal corporate objective is to increase our subscription
income, and to furthermore increase recurring revenue from all
sources as a percentage of our overall revenue. We continue
to achieve in this category, with subscription revenue up 205% and
recurring revenue as a percentage of total revenue rising from 39%
last year to over 44% this year. We hope to raise this number to
over 50% by this time next year. Recurring revenue is
sticky and more predictable, and we continue to move our business
towards becoming a more subscription-based technology company.”
“We continue to see significant success with our Sage Partner
Success Program, which encourages smaller Sage Software channel
partners to contractually align their customers with our sales
organization. This program alone has increased our customer
base by over 1800 in the past 12 months. As a result, our
inside sales team, selling product into our installed customer
base, including PSP customers, generated record quarterly
revenue.”
Meller continued, “The first quarter represents a good starting
point for the balance of 2019. Our sales pipeline is good
across all our operations, clients continue to invest in the
digital transformation of their businesses, our acquisition and PSP
programs are in full gear, and we continue to prune our operations
in order to become more efficient and more profitable. All in all,
we are extremely optimistic about our prospects for the balance of
2019, and look forward to continuing to deliver positive results
for the benefit of all our stakeholders in the coming months and
years ahead.”
About SilverSun Technologies, Inc.
We are a business application, technology and consulting company
providing strategies and solutions to meet our clients’
information, technology and business management needs. Our services
and technologies enable customers to manage, protect and monetize
their enterprise assets whether on-premise or in the “Cloud”. As a
value-added reseller of business application software, we offer
solutions for accounting and business management, financial
reporting, Enterprise Resource Planning (“ERP”), Warehouse
Management Systems (“WMS”), Customer Relationship Management
(“CRM”), and Business Intelligence (“BI”). Additionally, we have
our own development staff building software solutions for
Electronic Data Interchange (“EDI”), time and billing, and various
ERP enhancements. Our value-added services focus on consulting and
professional services, specialized programming, training, and
technical support. We have a dedicated network services practice
that provides managed services, cybersecurity, application hosting,
disaster recovery, business continuity, cloud and other services.
Our customers are nationwide, with concentrations in the New
York/New Jersey metropolitan area, Chicago, Arizona, Southern
California, North Carolina, Washington and Oregon.
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended, regarding,
among other things our plans, strategies and prospects -- both
business and financial. Although we believe that our plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure you
that we will achieve or realize these plans, intentions or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this news release may be identified by the
use of forward-looking words such as "believe," "expect,"
"anticipate," "should," "planned," "will," "may," "intend,"
"estimated," and "potential," among others. Important factors that
could cause actual results to differ materially from the
forward-looking statements we make in this news release include
market conditions and those set forth in reports or documents that
we file from time to time with the United States Securities and
Exchange Commission. All forward-looking statements attributable to
SilverSun Technologies, Inc. or a person acting on its behalf are
expressly qualified in their entirety by this cautionary
language.
Contact:
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com
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