via NEWMEDIAWIRE --
SilverSun Technologies,
Inc. (NASDAQ: SSNT), a national provider of
transformational business applications and IT services, today
announced its third quarter results for the three and nine months
ended September 30, 2019.
Financial Highlights for Three Months Ended
September 30, 2019 Compared to Three Months Ended September 30,
2018:
- Revenues increased to $10,107,865, increasing 0.4% from
$10,063,234.
- Software sales increased 28.2% to $1,867,971 from
$1,456,658.
- Services revenues totaled $8,239,894, decreasing 4.3% from
$8,606,576.
- Net income was $7,668,841, or $1.70 earnings per basic and
diluted share, compared to net income of $170,932 or $ 0.04
earnings per basic and diluted share.
Financial Highlights for the Nine Months Ended
September 30, 2019 Compared to the Nine Months Ended
September 30, 2018:
- Total revenues rose 7.2% to $28,534,596 from
$26,622,162.
- Software sales were $4,898,886 up 22.8% from $3,989,130.
- Services revenues increased 4.4% to $23,635,710 from
$22,633,032.
- Net income totaled $7,761,987, or $1.73 per basic and diluted
share, increasing from net income of $246,537, or $0.05 per basic
and diluted share.
- As of September 30, 2019, the Company had $10,721,629 in cash
and cash equivalents (plus an additional $1,150,000 held in escrow
related to the sale of Mapadoc); $2,692,052 in accounts receivable;
long term debt of $865,901, (excluding financial lease obligations
and operating lease liabilities), and total stockholders’ equity of
$12,109,657.
For more details on SilverSun’s third quarter
results, please refer to the Company’s 10-Q filed today 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, “The financial results reflect the
sale of our Mapadoc EDI division on August 26, 2019 for
$11,500,000, which resulted in a gain of $10,144,287 to the
Company. The transaction was a historic one for the Company,
and gives us the financial wherewithal to further contemplate some
significant transactions. We have engaged an investment bank
to assist us in evaluating potential strategies and corporate
finance activities to further enhance our business and to maximize
shareholder value. The actions under consideration, which are
illustrative and not exhaustive, include a stock buyback, a special
dividend, acquisitions and/or mergers. The Company has
already announced this past October a $2 million stock buyback
program, and we will continue to pursue all other avenues which
could increase shareholder value.
“We are focused on increasing our monthly
recurring revenue (“MRR”), and on increasing recurring revenue as a
percentage of total revenue. Our acquisition criteria are
built around this focus, and include business segments such as
managed IT services, application hosting, software resellers, and
independent software vendors in such areas as human capital
management, regulatory technology, internet of things,
cybersecurity, and logistics, among others.
“Operationally, the third quarter was solid
although uneven for the Company. Total revenue was up 0.4%
year over year, despite having a contribution from Mapadoc for only
57 days in the quarter, versus the full 90 days in 2018. Software
sales were robust, increasing 28.2% year over year, while service
revenue was down 4.3% year over year. We attribute the
decrease in service revenue to delays in consulting projects.”
Meller concluded, “We are well positioned to
continue to aggressively grow our business, and we look forward to
continuing to deliver positive news and results in the coming
months.”
About SilverSun Technologies,
Inc.
We are a business application, technology and
consulting company providing software and IT 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”), Business Intelligence (“BI”) and
other business applications. Our value-added services focus
on consulting and professional services, specialized programming,
training, and technical support. We have a dedicated network
managed services practice that provides 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:
Corporate
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com
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