via NEWMEDIAWIRE --
SilverSun Technologies,
Inc. (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, 2018.
2018 Financial Highlights
- Total revenues increased 17.6 % to $41.00 million from
$34.85 million.
- Earnings before interest, taxes, depreciation and
amortization (EBITDA), plus share based compensation, was
$1,189,150, compared to $1,661,243 in 2017.
- Income before income taxes was $371,078, compared to
$907,562 in 2017.
- Net income in 2018 was $262,432, compared to a net loss
in 2017 of $486,469.
- Earnings per share in 2018, on a diluted basis, was
$0.06, compared to a net loss per share in 2017, on a diluted
basis, of $0.11.
- As of December 31, 2018, cash and accounts receivable,
net of allowance for bad debts, totaled $4.28 million; the
outstanding balance on the Company's $2,000,000 bank line of credit
was zero; and the Company had $1,176,999 in long term
liabilities.
For more detailed information about SilverSun's
2018 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 28, 2019.
Mark Meller, Chairman and Chief Executive Officer
of SilverSun, stated, "We are pleased to present these profitable
operating results for 2018. We are very proud of the
competitive success our Company continues to enjoy, which is a
direct result of our team's commitment to excellence, our great
industry partnerships, and our execution on our strategic
growth initiatives.
“We have continued to execute on our business
plan, which is designed to take advantage of our competitive
strengths, including our highly effective sales and marketing
organization. Our multi-pronged business strategy is centered
on recurring revenue, customer retention and on rapidly increasing
the size of our installed customer base.
“The growth of our customer base is accomplished
via our traditional marketing programs, via our Partner Success
Program (in the Sage Software channel), and via acquisitions. The
Partner Success Program, which left pilot stage and went into
production in the fourth quarter of last year, enables us to
participate in the consolidation of the Sage reseller channel,
aggressively increasing the number of customers operating under our
umbrella at minimal cost.
“After a customer is secured, our strategy is to
up-sell and cross-sell, providing the customer with advanced
technologies and third-party add-ons that help them digitally
transform their business. These add-on products include application
hosting, cybersecurity, warehouse management, human capital
management, payment automation, sales tax compliance or any number
of other products that we represent. Many of these incremental
products and services are billed on a subscription basis, often
paying monthly for the service, which increases our monthly
recurring revenue (“MRR”). This strategy increases the average
revenue generated per customer, which facilitates our continued
growth, and reduces our cost of customer acquisition, which
enhances our profitability profile.
“Our recurring revenue today exceeds $17.5
million, or 42.9% 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 offer ever more cloud solutions and more
advanced managed services to our small and medium-sized business
clients.
“Our operating results for 2018 were impacted by
investments we made in people and systems to better address the
higher transaction volume we anticipate going forward. We
will continue to focus on rationalizing our cost structure, and we
hope to see marked improvement in our operating margin in the
coming quarters.”
In conclusion, Meller added, "We have had a
successful year, but there is still work to be done. 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 -- our impressive
growth trend well into the foreseeable future.”
About SilverSun Technologies,
Inc.
We are a business application, technology and
consulting company providing strategies and 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”), and Business Intelligence (“BI”).
Additionally, we have our own development staff building software
solutions for Electronic Data Interchange (“EDI”), time and
billing, and various ERP enhancements. Our value-added services
focus on consulting and professional services, specialized
programming, training, and technical support. We have a dedicated
network services practice that provides managed services,
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:
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com
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