SilverSun Technologies Reports Profitable Second Quarter 2013 Results
August 13 2013 - 9:10AM
Marketwired
SilverSun Technologies, Inc. (OTCBB: SSNT)
(OTCQB: 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, 2013.
Financial Highlights for Three Months Ended
June 30, 2013 Compared to Three Months Ended June 30,
2012:
- Revenues increased to $3,870,598, rising 26% from $3,071,425.
- Software sales climbed 14% to $528,368 from $462,151.
- Services revenues totaled $3,342,230, increasing 28% from
$2,609,264.
- Income from operations rose to $77,339 from a loss from
operations of $319,781
- Net income was $62,185, or $0.00 earnings per basic and diluted
share, compared to a net loss of $334,031, or 0.00 loss per basic
and diluted share.
Financial Highlights for the Six Months Ended
June 30, 2013 Compared to the Six Months Ended June 30,
2012:
- Total revenues rose 32% to $7,915,137 from $5,980,284.
- Software sales were $1,244,628, up 51% from $821,135.
- Services revenues increased 11% to $6,670,509 from
$5,980,284.
- Income from operations rose to $208,979, representing a
significant improvement over a loss from operations of $1,005,372.
The notable increase was largely due to non-cash share based
compensation of $1,127,450 recorded for the six months ended June
30, 2013 offset by higher non-cash depreciation and amortization
expenses booked in the 2013 six-month period.
- Net income totaled $177,715, or $0.00 per basic and diluted
share, rising from a net loss of $1,042,222, or $0.01 loss per
basic and diluted share.
- The Company generated $286,880 in net cash from operations,
which compared to using net cash of $58,158 in its operation in the
prior year.
- During the first six months of 2013, the Company's revolving
bank line of credit was paid back in full, bringing the total
amount available under the line at June 30, 2013 to $741,936 after
factoring certain recurring contractual fees and obligations.
As of June 30, 2013, the Company had $57,573 in cash and cash
equivalents; $1,238,469 in accounts receivable; zero long term
debt; and total stockholders' deficit of $599,480.
Operational Highlights for the Six Months Ended
June 30, 2013
- Sales of the Company's proprietary, cloud-based business
management solutions created specifically for the U.S. craft
brewery and distribution industry have continued to increase since
its introduction to market in early 2012; and the number of new
sales prospects continues to climb.
- In association with the Company's national expansion strategy,
SWK Technologies, Inc., SilverSun's principal operating subsidiary,
established operations in Dallas, Texas to support Sage partner
accounts secured from Colleyville, Texas-based SGEN, LLC (d/b/a
Software Generation) and Point Solutions, LLC (d/b/a
FusionRMS.com). In June, SWK signed a Letter of Intent to acquire
VICOR Business Services, Inc., a Bethesda, Maryland-based provider
of financial and business management consulting services with
specific expertise in compliance-oriented federal contracting with
U.S. government agencies.
- The Company has continued to grow its Sage ERP X3 practice,
booking several major orders during the period. Management further
reported that it is currently managing record volume of new
business opportunities in its sales pipeline.
- In April, SilverSun engaged Network One Securities, Inc. to
advise its management team on financial strategies to support its
current growth initiatives.
Mark Meller, Chairman and CEO of SilverSun, stated, "We are very
pleased to report a very strong quarter reflecting notable sales
and earnings growth. In fact, this marks our seventh consecutive
quarter of double-digit revenue increases and puts us firmly on
pace to exceed a record $16 million in total revenues for the full
year. We are especially pleased with our efforts to grow monthly
recurring revenues stemming from our expanding line of proprietary
managed services offerings. The results clearly demonstrate and
validate that our business growth strategies are indeed working and
that we are building meaningful momentum in enhancing our Company's
long term value for our many trusted stakeholders."
For more details on SilverSun's first 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.
About SilverSun Technologies, Inc.
Headquartered in Livingston, New Jersey, SilverSun Technologies is
involved in the acquisition and build-out of technology and
software companies engaged in providing best of breed management
applications and professional consulting services to small and
medium size businesses (SMBs) in the manufacturing, distribution
and service industries. Serving as SilverSun's principal operating
subsidiary, SWK Technologies, Inc. employs national direct and
channel sales teams, and a consulting team, all of which serve a
growing customer base spanning the United States and Canada. For
more information, please visit www.silversuntech.com, www.swktech.com or www.mapadoc.com.
Forward-Looking Statements This press
release may contain forward-looking statements, including
information about management's view of SilverSun Technologies'
future expectations, plans and prospects. In particular, when used
in the preceding discussion, the words "believes," "expects,"
"intends," "plans," "anticipates," or "may," and similar
conditional expressions are intended to identify forward-looking
statements. Any statements made in this news release other than
those of historical fact, about an action, event or development,
are forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, which may cause the
results of SilverSun Technologies, its subsidiaries and concepts to
be materially different than those expressed or implied in such
statements. Unknown or unpredictable factors also could have
material adverse effects on SilverSun Technologies' future results.
The forward-looking statements included in this press release are
made only as of the date hereof. SilverSun Technologies cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Finally, SilverSun Technologies
undertakes no obligation to update these statements after the date
of this release, except as required by law, and also takes no
obligation to update or correct information prepared by third
parties that are not paid for by SilverSun Technologies.
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