SilverSun Technologies Reports 2019 Year End Results
via NEWMEDIAWIRE -- SilverSun Technologies,
(NASDAQ: 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, 2019.
2019 Financial Highlights
Financial results are net of the discontinued
operations of the Company’s MAPADOC division, which was sold on
August 26, 2019:
- Total revenues increased 6.6 % to $38.5 million from
$36.1 million in 2018.
- Loss from continuing operations before interest, taxes,
depreciation and amortization (EBITDA), minus share based
compensation, was $1,170,116, compared to loss from continuing
operations of $438,371 in 2018.
- Loss from continuing operations before taxes was
$1,922,870, compared to a loss from continuing operations of
$1,202,785 in 2018.
- The Company recognized a gain before taxes of $10,307,155
on the sale of its MAPADOC division.
- Earnings per share in 2019 (on a diluted basis) was
$1.51, compared to earnings per share of $0.06 in 2018, primarily
as a result of the sale of MAPADOC.
- As of December 31, 2019, cash (excluding amount in
escrow) plus accounts receivable totaled $11.1 million, and the
Company had $1,399,350 in long term liabilities.
For more detailed information about SilverSun's
2019 financial results, please refer to the Company's Form 10-K
filed with the U.S. Securities and Exchange Commission
(www.sec.gov) on Thursday, March 26, 2020.
Mark Meller, Chairman and Chief Executive Officer
of SilverSun, stated, "We are pleased to present these profitable
results for 2019. Clearly, the financial highlight of the
year was the sale of our MAPADOC division for $11.5 million cash in
August. As a result, we positioned ourselves to take
advantage of alternative growth opportunities without the
requirement of outside capital. We continue to invest in our
business application hosting business, which we believe represents
a major growth opportunity as more companies work remotely from
home in this time of Covid-19. Similarly, our IT managed
service provider is positioned to take advantage of this new
work-from-home paradigm. Cybersecurity, business continuity and
disaster recovery are principal concerns for our customers as
cyber-attacks continue to increase in the current environment, and
our MSP is well situated to address this challenge.
“Our operating results for 2019 were negatively
impacted by several one-time costs, including legal fees and
discontinuance of certain product lines. We continue to review and
implement cost-saving measures to reduce our operating expenses in
order that we can improve our operating margins in the upcoming
quarters. While the absence of MAPADOC has temporarily
affected our bottom line, we believe that we will be a stronger
Company in the future as we take advantage of opportunities with
greater growth potential.
“Covid-19 represents a unique and uncertain
challenge for our organization. While at this early stage of
the pandemic our business remains good, it remains to be seen what
the impact of this virus will be on the business landscape in the
coming weeks and months. Similarly, it is unclear how the
U.S. Government bail-out package will impact our customers and our
business. Our balance sheet is strong, and we have the
wherewithal to weather this storm, but the outlook for the overall
economy and our business for 2020 remains uncertain at this
In conclusion, Meller added, "We have had a
successful year, but we have new challenges to address.
Covid-19 may change our marketplace in ways that are presently
unknown, and we will navigate it as best we can. We are
monitoring our business on a daily basis, and we have prepared
contingency plans which we can enact on short notice as the
business environment changes. Our staff continues to work
diligently to service our customers and seek additional
opportunities while working from home. Our Company is prepared, and
we expect that we will continue to be successful in the coming
months and years.”
About SilverSun Technologies,
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.
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
SilverSun Technologies, Inc.
SilverSun Technologies (NASDAQ:SSNT)
Historical Stock Chart
From Nov 2020 to Dec 2020
SilverSun Technologies (NASDAQ:SSNT)
Historical Stock Chart
From Dec 2019 to Dec 2020