SilverSun Technologies Releases Letter to Shareholders
LIVINGSTON, NJ--(Marketwired - Jun 9, 2014) - SilverSun
Technologies, Inc. (OTCBB: SSNT) (OTCQB: SSNT), a national provider
of transformational business technology solutions and services,
today released the following letter to shareholders.
Dear Fellow Shareholders, Employees, Business Partners and
Friends,
SilverSun Technologies is committed to keeping you updated on
the progress of the company, and by extension, the value of your
investment. Since we last communicated with you, I am pleased to
report that our team, now 86 employees strong, continues to execute
its business plan while exceeding previously set goals and
milestones.
It's important to note that SilverSun is nothing short of a team
effort. I have the privilege of working alongside a team of
amazing, dedicated and talented people, who, by their very nature,
refuse to accept mediocrity, much less failure as an outcome to any
challenge. Like me, they are unwaveringly committed to the
pursuit of building sustainable shareholder value.
Importantly, like you, our employees are substantial
shareholders in the company. Our employees, excluding myself,
own more than 40% of the company. This directly aligns their
interests with those of our outside shareholders. Their
honesty, integrity, and yeoman efforts are directly responsible for
increasing the size of our business, delivering profitable results,
and enabling the seamless integration of acquired companies. I
thank them all.
Among our most notable achievements over the last 24 months, I
would like to emphasize:
- The company reported sales of $17.4 million in 2013, an
increase of 32% over our 2012 results. Net income increased to
$322,548 in 2013.
- The company maintains a strong balance sheet. As of
3/31/14, the company had only $62,522 in long term debt, and
a balance of zero on its $750,000 line of credit.
- The company reported sales of $4.9 million in the first quarter
of 2014, an increase of $880,000, or 21.75%, over the year earlier
period. In addition, we reported pre-tax income of $191,652 in
Q1, an increase of $76,122, or 65.9%, over the same period in
2012.
- The company has, over the last 4 years, grown at a compound
annual growth rate of 32%.
- Recurring revenue was equal to roughly 36% of revenue in
2013.
- The company has completed 6 acquisitions over the past 30
months. The most recent acquisition closed on May 1,
2014. That company, ESC Software, had sales of roughly $1.7
million in 2013. We paid for that acquisition by issuing a
five year note for $350,000.
- The company's intellectual property portfolio has grown to 20
proprietary solutions, including our EDI product, MAPADOC. The
number of end users of MAPADOC has roughly doubled in the past 4
years, and continues to grow. We also entered into our first
international distribution agreement for MAPADOC to be sold in
Australia.
- The company's proprietary SAAS solution, BeerRun, has taken the
craft beer brewing industry by storm. In the two short years
since its introduction, BeerRun is now among the most widely used
products for the management of brewing operations within the craft
beer industry.
- The company's managed services division, which provides
disaster recovery, business continuity, and 24/7/365 remote network
monitoring for our client's networks, continues to rapidly expand,
delivering 45% growth in 2013.
- The company's professional services group has a backlog of over
6000 hours booked.
Although we have much to be thankful for and certainly to be
prideful of, there remains much hard work ahead of us if we are to
fully capitalize on key emerging industry trends and on the
numerous growth and expansion opportunities being presented to us
on a regular basis. Towards that end, we have set our goal on
growing our annual revenues to more than $50 million in the next 18
months.
By building on our successes, effectively addressing any
perceived weaknesses, and implementing new business development
strategies with forethought and purpose, we are confident in our
ability to accelerate SilverSun's future growth and win enduring
leadership in the business management solutions and consulting
industry.
I want to reemphasize how excited and optimistic I am about the
future of SilverSun Technologies. We are implementing
strategies that will empower us to continue scaling our business by
attracting highly talented people who are inspired to think outside
of the box while establishing entirely new standards of excellence
for our industry.
In closing, I'd like to use this opportunity to give my sincere
thanks to our shareholders. We recognize that through your
investment in the company, you are expressing your confidence in
our ability to execute; and we take that responsibility to heart
and intend to be relentless in our pursuit to deliver.
Sincerely, SILVERSUN TECHNOLOGIES, INC.
Mark Meller Chairman, President and Chief Executive Officer
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.
Contact SilverSun Technologies Mark Meller CEO (973) 758-6108
Email Contact
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