SilverSun Technologies Reports Record Revenue for Third Quarter 2013
November 14 2013 - 9:00AM
Marketwired
SilverSun Technologies Reports Record Revenue for Third Quarter
2013
Nine Month Revenues Increased 30% to $12.29 Million, Up From
$9.45 Million on Year-Over-Year Basis; Comparable Three Month
Revenues Climbed 26% to $4.38 Million From $3.47 Million
LIVINGSTON, NJ--(Marketwired - Nov 14, 2013) - SilverSun
Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), a national provider
of transformational business technology solutions and services,
today announced record third quarter financial results for the
three and nine months ended September 30, 2013.
Financial Highlights
for the Three Months Ended September 30, 2013 Compared to the Three
Months Ended September 30, 2012:
- Marking the eighth consecutive quarter of double-digit
percentage revenue growth, total revenues rose 26% to $4,374,951
from $3,468,354.
- Due primarily to higher selling expense, loss from operations
totaled $62,084, down from income from operations of $119,212.
- Notwithstanding non-cash expenses of $97,807 related to
share-based compensation, depreciation and amortization, income
from operations for the three months ended September 30, 2013
totaled $35,723, which compared to income from operations of
$186,240 notwithstanding non-cash expenses of $67,028 for
share-based compensation, depreciation and amortization.
- Net loss was $82,219, or $0.00 loss per basic and diluted
share, a decrease from net income of $102,808, or $0.00 earnings
per basic and diluted share.
Financial Highlights
for the Nine Months Ended September 30, 2013 Compared to the Nine
Months Ended September 30, 2012:
- Total revenues increased to a new historic high of $12,290,088,
up 30% from $9,448,638.
- Income from operations increased to $146,895 from a loss from
operations of $886,160.
- Notwithstanding the same aforementioned non-cash expenses for
the nine month periods, income from operations totaled $399,711, an
increase of 11% when compared to income from operations of $360,070
after deducting the same non-cash expenses.
- Net income rose to $95,496, or $0.00 earnings per basic and
diluted share, compared to a net loss of $939,414.
- Net cash provided by the Company's operating activities totaled
$862,003, up from $153,463 for the comparable nine months in the
prior year.
As of September 30, 2013, the Company had $938,008 in cash;
$1,173,699 in accounts receivable; $192,487 in long term debt; and
total stockholders' deficit of $631,295.
For more details on SilverSun's third 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, "Our third quarter performance continued our
trend of record quarterly results and positions us well to finish
2013 on very strong footing. Moreover, our robust cash
position and growing backlog of new business at SWK, coupled with
the increasing strength of our recurring revenue channels, all
serve to bolster our confidence that we'll exceed our revenue
objective of $16 million for the year, and begin 2014 poised to
perpetuate our success in ensuing quarters."
About SilverSun Technologies, Inc. Headquartered in Livingston,
New Jersey, SilverSun Technologies is involved in the acquisition
and build-out of technology and software companies engaged in
providing best of breed management applications and professional
consulting services to small and medium size businesses (SMBs) in
the manufacturing, distribution and service
industries. Serving as SilverSun's principal operating
subsidiary, SWK Technologies, Inc. employs national direct and
channel sales teams, and a consulting team, all of which serve a
growing customer base spanning the United States and
Canada. For more information, please visit
www.silversuntech.com, www.swktech.com or www.mapadoc.com.
Forward-Looking Statements This press release may
contain forward-looking statements, including information about
management's view of SilverSun Technologies' future expectations,
plans and prospects. In particular, when used in the preceding
discussion, the words "believes," "expects," "intends," "plans,"
"anticipates," or "may," and similar conditional expressions are
intended to identify forward-looking statements. Any
statements made in this news release other than those of historical
fact, about an action, event or development, are forward-looking
statements. These statements involve known and unknown risks,
uncertainties and other factors, which may cause the results of
SilverSun Technologies, its subsidiaries and concepts to be
materially different than those expressed or implied in such
statements. Unknown or unpredictable factors also could have
material adverse effects on SilverSun Technologies' future
results. The forward-looking statements included in this press
release are made only as of the date hereof. SilverSun
Technologies cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally,
SilverSun Technologies undertakes no obligation to update these
statements after the date of this release, except as required by
law, and also takes no obligation to update or correct information
prepared by third parties that are not paid for by SilverSun
Technologies.
FOR MORE INFORMATION, PLEASE CONTACT: HANOVER|ELITE Dodi Handy
or Kathy Addison 407-585-1080 or via email at Email Contact
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