SilverSun Technologies Reports Third Quarter 2021 Results
EAST HANOVER, NJ / ACCESSWIRE / November 9, 2021 / SilverSun Technologies, Inc. (NASDAQ: SSNT), a national provider of transformational enterprise technology solutions and services, today announced its third quarter results for the three and nine months ended September 30, 2021.
Financial highlights for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020:
Revenue was $ 10,109,164, down 0.5% from $ 10,159,152.
Gross profit was $ 3,939,308, down 2.8% from $ 4,051,991
Loss before interest, taxes, depreciation and amortization (âEBITDAâ) plus stock-based compensation amounted to $ 14,655, compared to earnings before earnings or $ 273,195 in 2020.
The net loss amounted to $ 240,029, or $ 0.05 basic and diluted earnings per share, compared to net earnings of $ 55,205 or 0.01 basic and diluted earnings per share.
Financial Highlights for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020:
Total revenues increased 4.4% to $ 31,218,331 from $ 29,911,619.
Gross profit increased to $ 12,956,525, up 9.4% from $ 11,842,804.
Earnings before interest, taxes, depreciation and amortization (âEBITDAâ) plus stock-based compensation amounted to $ 1,140,953, up $ 859,129 from $ 281,824.
Net earnings totaled $ 244,939, or $ 0.05 per basic and diluted share, compared to a net loss of ($ 203,396), or ($ 0.05) per basic and diluted share.
As at September 30, 2021, the Company had $ 7,252,236 in cash and cash equivalents; $ 1,629,577 in accounts receivable; Long-term debt of $ 815,030 (excluding the impact of obligations related to operating leases) and total equity of $ 9,393,696.
For more details on SilverSun’s third quarter results, please refer to the company’s 10-Q filed today with the US Securities Exchange Commission and available at www.sec.gov.
Commenting on the results, Mark Meller, President and CEO of SilverSun, said: âWe remain on track to achieve the best year in the history of the Company, despite the fact that it was a poor quarter for us. We see it as a one-time event, as we continue to navigate the different market dynamics that are taking hold in the economy today. As the Covid pandemic continues to cause disruption in supply chains, we have seen more customers this quarter take a wait-and-see approach to their technology.Although projects are not being canceled per se, we are seeing more delays as our clients seek to conserve cash until they feel more confident about their near-term prospects. delays than usual as our customers face more labor shortages in this difficult working environment. We believe this momentum is short-term and will weaken in the months to come.
âDespite these short-term challenges, our focus on digitally transforming our customers continues to bear fruit. We have focused on increasing our monthly recurring revenue (âMRRâ) and increasing recurring revenue as a percentage of total revenue. The products and services we provide that generate MRR include our Software as a Service (SaaS), Infrastructure as a Service (IaaS) product offerings, cloud hosting for business applications, cybersecurity, business continuity and solutions disaster recovery. now almost 50% of total sales. “
âIn order to more closely align our product offerings with our strategic vision of delivering cloud-based solutions and technologies, we are making some changes to our ERP product offerings. We are in the process of abandoning some existing on-premise solutions, and have recently signed agreements to become a reseller of Sage Intacct. Sage Intacct publishes cloud-based financial management and accounting applications for businesses and CPA firms, and will provide a good complement to our large and growing Acumatica practice. We are convinced that this realignment will both accelerate our growth, increase our MRR and improve our profitability. “
âAs we grow our business, we continue to stay focused on improving our operational efficiency and reducing expenses. Due to the increased use and sale of higher margin solutions, earnings before interest, taxes, depreciation, amortization, and share-based compensation (EBITDA) was $ 1,140,953 for the first 9 months of l year, increasing by $ 859,129 from $ 281,824 for the first nine months of 2020. I expect we will see continued improvement in our operating margins over the next few quarters. “
In conclusion, Meller said, âThe company continues to execute on its business plan. Our sales pipeline for the rest of the year is strong, our Managed Service Provider (MSP) continues to aggressively onboard new customers for our infrastructure as a-Service, hosting and ‘applications, cybersecurity and our pipeline of consulting project hours remain strong. We are therefore confident about our outlook for the rest of the year, and for 2022 and beyond. “
About SilverSun Technologies, Inc.
We are a business applications, technology and consulting company providing software and IT solutions to meet our clients’ information, technology and business management needs. Our services and technologies allow customers to manage, protect and monetize their business 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”), capital management Human (“HCM”), 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 Managed IT Services practice that provides cybersecurity, cloud, application hosting, disaster recovery, business continuity, and other services. Our clients are located across the country, with concentrations in the New York / New Jersey metro area, Chicago, Arizona, Southern California, North Carolina, Washington, and Oregon.
This press release contains 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, concerning, among other things, our plans, strategies and prospects – to both commercial and financial. Although we believe that our plans, intentions and expectations reflected or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or achieve these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “believe”, “expect”, “anticipate”, “should”, “expected”, “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 press release include the terms of market 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 disclaimer.
SilverSun Technologies, Inc.
THE SOURCE: SilverSun Technologies, Inc.
See the source version on accesswire.com: