LIVINGSTON, NJ--(Marketwired - Aug 13, 2013) - 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:
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Revenues increased to $3,870,598, rising 26% from $3,071,425.
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Software sales climbed 14% to $528,368 from $462,151.
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Services revenues totaled $3,342,230, increasing 28% from $2,609,264.
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Income from operations rose to $77,339 from a loss from operations of $319,781
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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:
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Total revenues rose 32% to $7,915,137 from $5,980,284.
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Software sales were $1,244,628, up 51% from $821,135.
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Services revenues increased 11% to $6,670,509 from $5,980,284.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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In April, SilverSun engaged Network One Securities, Inc. to advise its management team on financial strategies to support its current growth initiatives.