Silversun Technologies Reports 2013 Year End Results
March 31 2014 - 9:09AM
Marketwired
Silversun Technologies Reports 2013 Year End Results
LIVINGSTON, NJ--(Marketwired - Mar 31, 2014) - SilverSun
Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), a national provider
of transformational business technology solutions and services,
today announced its financial and operating results for the fiscal
year ended December 31, 2013.
2013 Financial
Highlights
- Total revenues climbed 32% to $17.40 million from $13.18
million.
- Earnings before interest, taxes, depreciation and amortization
(EBITDA) were $560,566, compared to a loss of $1,371,992 in
2012.
- Net income increased to $322,548, compared to a net loss
of $1,235,170 in 2012.
- As of December 31, 2013, cash and accounts receivable, net of
allowance for bad debts, totaled $2.34 million; credit available
under the Company's $750,000 bank line totaled $750,000; and the
Company had only $153,141 in long term liabilities.
For more detailed information about SilverSun's 2013 financial
results, please refer to the Company's Form 10-K filed with the
U.S. Securities and Exchange Commission (www.sec.gov) on Monday,
March 31, 2014.
Mark Meller, Chairman and CEO of SilverSun, stated, "For the
past four years we have been methodically executing a business plan
designed to optimize our strengths and enable our Company to become
the profitable and rapidly-growing business it is today. "
"We are very proud of the competitive success our Company
continues to enjoy, which is a direct result of our team's hard
work, dedication and unwavering focus on excellence and superior
customer service. Sales have grown at a compound annual growth
rate of 32% per annum these past three years, a rate we expect to
meet and exceed in the coming years. Our recurring revenue
exceeds $6.5 million, or 37% of our total revenue. We expect
recurring revenue to continue to represent an ever higher
percentage of total revenue in the coming years as we continue to
offer more advanced cloud services and software-as-a-service
solutions to our small and medium-sized business clients. Most
importantly, net income was $322,548 in 2013, versus a loss of
$1,235,170 in 2012, an improvement of $1,557,718."
Continuing, Meller said, "Investing in the acquisition of other
companies and proprietary business management solutions has also
been an important growth strategy for SilverSun, allowing us to
rapidly offer new products and services, expand into new geographic
markets and create new and exciting profit centers. We have
previously completed a series of strategic acquisitions that have
expanded our footprint to nearly every U.S. state, and we are
currently pursuing several cloud service providers for acquisition,
as well as other managed service providers and software
publishers. In addition, we continue to remain opportunistic
in acquiring smaller business consulting firms, acquiring those
firms that provide resources, expertise or geography to our
professional services group. We are confident that we will be
able to close several of these transactions in 2014."
In conclusion, Meller added, "We have had a successful year,
which we regard as an inflection point for the future. Having
combined growth and profitability in 2013, we see the Company
continuing to deliver similar results in 2014 and beyond. By
remaining steadfast in executing our business plan and embracing
technological change, we fully expect that our continued efforts
will help to perpetuate -- and even accelerate -- this impressive
growth trend well into the foreseeable future."
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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