SilverSun Technologies Reports Second Quarter 2017 Results

SilverSun Technologies (NASDAQ:SSNT) has announced its second quarter results for the three and six months ended June 30, 2017.

As quoted in the press release:

Financial Highlights for Three Months Ended June 30, 2017 Compared to Three Months Ended June 30, 2016:

  • Revenues decreased to $8,508,640, declining 0.6% from $8,562,890.
  • Software sales increased 21.1% to $1,434,635 from $1,184,251.
  • Services revenues totaled $7,074,005, decreasing 4.1% from $7,378,639.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), plus share based compensation, were $349,586, decreasing 47.7% from $668,916.
  • Net income was $120,493, or $0.03 earnings per basic and diluted share, compared to net income of $547,120, or 0.12 earnings per basic and diluted share.

Financial Highlights for the Six Months Ended June 30, 2017 Compared to the Six Months Ended June 30, 2016:

  • Total revenues rose 1.0% to $16,511,212 from $16,347,191.
  • Software sales were $2,341,540, up 14.5% from $2,044,693.
  • Services revenues decreased 0.9% to $14,169,672 from $14,302,498.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), plus share based compensation, were $885,004, decreasing 11.2% from $996,132.
  • Net income totaled $274,347, or $0.06 per basic and diluted share, decreasing from net income of $621,397, or $0.14 per basic and diluted share.
  • During the first six months of 2017, 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, 2017 to $1,000,000.
  • As of June 30, 2017, the Company had $1,539,051 in cash and cash equivalents; $2,544,434 in accounts receivable; long term debt of $967,768 and total stockholders’ equity of $5,150,703.

Click here to read the full press release.

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