SilverSun Technologies Reports First Quarter 2020 Results
May 14 2020 - 11:06AM
via NEWMEDIAWIRE --
SilverSun Technologies,
Inc. (NASDAQ: SSNT), a national provider of
transformational business technology solutions and services, today
announced its first quarter results for the three months ended
March 31, 2020.
Financial Highlights for Three Months Ended
March 31, 2020 As Compared to Three Months Ended March 31,
2019:
- Revenues increased to $10,079,524, rising 8.3% from
$9,307,314.
- Software sales increased 10.1% to $1,769,171 from
$1,606,276.
- Services revenues totaled $8,310,353, increasing 7.9% from
$7,701,038.
- Gross profit increased 2.4% to $3,852,210 as compared to
$3,762,624.
- Loss from continuing operations were $292,115, compared to loss
from continuing operations of $232,024 .
- Net loss was $292,115, or $0.06 loss per basic and diluted
share, compared to net income of $96,036, or $0.02 earnings per
basic and diluted share.
For more details on SilverSun's first quarter
results, please refer to the Company's 10-Q filed 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, “Our first quarter provided a mixed
bag of results. Despite an increase in software and consulting
revenue, we saw a decrease in gross margins from 40.4% in the first
quarter of 2019 to 38.2% in 2020. We attribute this to a
higher sales volume of add-on modules from third party solution
providers, which typically have lower margins than new ERP sales.
Operating expenses also increased, with much of the expense
associated with increased sales and marketing activities and
attendance at various software publisher tradeshows and user
conferences. As a result, our operating loss increased to
$292,115 for the quarter.”
Meller further commented, “The negative impact of
COVID-19 on the economy creates tremendous uncertainty for the
Company. Recent government reports indicate that there are
currently over 35 million people unemployed in the U.S., many of
whom work at our customer’s businesses or businesses similar to our
customers. As a result, it is likely that we will suffer negative
consequences as many of these companies go out of business or
decrease their technology spending, although the magnitude of these
consequences is impossible to determine at this point.
Management will continue to monitor developments and explore
various cost-cutting measures in order to weather this economic
challenge.”
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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