via NEWMEDIAWIRE -- SilverSun Technologies,
Inc. (NASDAQ: SSNT), a national provider of
transformational business technology solutions and services, today
announced its second quarter results for the three and six months
ended June 30, 2019.
Financial Highlights for Three Months Ended
June 30, 2019 Compared to Three Months Ended June 30,
2018:
- Revenues increased to $10,425,525, increasing 7.7% from
$9,683,224
- Software sales increased 17.1% to $1,601,814 from
$1,367,660.
- Services revenues totaled $8,823,711, increasing 6.1%
from $8,315,564.
- Earnings before interest, taxes, depreciation and
amortization (“EBITDA”), plus share based compensation, were
$246,896, increasing 16.2% from $212,508.
- Net loss was $2,890, or $0.00 earnings per basic and
diluted share, compared to net income of $17,218 or 0.00 earnings
per basic and diluted share.
Financial Highlights for the Six Months Ended
June 30, 2019 Compared to the Six Months Ended June 30,
2018:
- Total revenues rose 10.1% to $20,918,283 from
$18,993,299.
- Software sales were $3,336,772 up 11.1% from
$3,002,721.
- Services revenues increased 9.9% to $17,581,511 from
$15,990,578.
- Earnings before interest, taxes, depreciation and
amortization (“EBITDA”), plus share based compensation, were
$602,578, increasing 21.2% from $497,204.
- Net income totaled $93,146, or $0.02 per basic and
diluted share, increasing from net income of $75,605, or $0.02 per
basic and diluted share.
- During the first six months of 2019, the outstanding
balance of the Company’s revolving bank line of credit was $0,
bringing the total amount available under the line at June 30, 2019
to $2,000,000.
- As of June 30, 2019, the Company had $527,660 in cash and
cash equivalents; $3,215,441 in accounts receivable; long term debt
of $960,482, (excluding financial lease obligations and operating
lease liabilities), and total stockholders’ equity of
$4,437,417.
For more details on SilverSun’s second 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, “This was a solid quarter for the
Company, as we begin to see the impact of investments made in
people and systems in earlier periods. Sales for the quarter
were up 7.7%, yet EBITDA (plus share based compensation) was up
16.2% from the year earlier period. Similarly, sales for the
first six months of 2019 were up 10.1%, yet EBITDA (plus share
based compensation) was up 21.2% from the year earlier
period. I expect our margins to continue to improve as the
business continues to scale in the coming months and years.
“We are focused on increasing our monthly
recurring revenue (“MRR”), and on increasing recurring revenue as a
percentage of total revenue. Total recurring revenue now
represents 44.4% of total revenue. Secure Cloud Services, our
wholly-owned subsidiary which provides cloud hosting for business
applications, has tripled the number of users on the platform in
the past twelve months alone, and has a very strong pipeline.
Our managed service provider, which provides remote monitoring,
cybersecurity, business continuity and disaster recovery services,
now has MRR in excess of $400,000, and continues to grow. Our
enterprise cybersecurity initiative, which is being offered in
partnership with CyberHat, an Israeli-based Security Operations
Center (SOC), has closed several transactions, with several large
transactions expecting to close in the next few months. Each
of these business lines is built on a recurring revenue model.
“A key growth initiative for the Company is its
Partner Success Program (PSP). Under the program, smaller
business partners in the Sage Software channel are provided access
to the Company’s sales and marketing engine, and are provided the
opportunity to share in revenue generated. Since the
program’s launch, the Company has doubled the number of customers
operating under its umbrella. The ability of our sales
organization to upsell and cross-sell into this customer base
represents a significant growth opportunity for the Company.”
Meller concluded, “All in all, we are extremely
optimistic about our prospects for the balance of 2019, and look
forward to continuing to deliver positive results for the benefit
of all our stakeholders in the coming months and years ahead.”
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:
Corporate
Mark Meller
SilverSun Technologies, Inc.
973-758-6108
meller@silversuntech.com
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