AMERI100 Announces First Quarter 2018 Financial Results

AMERI Holdings Inc (NASDAQ:AMRH), a specialized SAP cloud, digital and enterprise services company reported its first quarter 2018 financial results.

The company had a revenue of $11.1 million as compared to $12.3 million while its gross profit was of $2.3 million as compared to $3.3 million in the same period last year.

As quoted in the press release:

First Quarter 2018 vs. First Quarter 2017

• Gross margin of 21.2% compared to 26.8%;
• GAAP net (loss) of $(2.1) million compared to $(1.2) million;
• (Loss) per share of $(0.11) compared to $(0.09); and
• Adjusted EBITDA was $(0.1) million compared to $ 0.8 million.

“We made considerable progress in the first quarter towards returning to adjusted EBITDA profitability in the first-half of 2018 as cost reductions and productivity improvements narrowed Adjusted EBITDA loss by approximately $600,000 from fourth quarter 2017 to first quarter 2018,” stated Brent Kelton, Chief Executive Officer of Ameri100. “As expected, revenue and profitability declined for the quarter as compared to the year-ago period, which included a large project that was completed last year and overshadowed new projects brought in during the first quarter of this year. These new projects demonstrate execution on our strategy to drive higher-margin solution sales and our ability to deepen the penetration of our clients’ IT budgets and gain new clients for our cloud services. Overall, we are seeing strong market receptivity to our service offerings portfolio which spans the steady-growth enterprise market and high-growth, high-margin digital and cloud markets.

“With an improving cost structure and the full effect of our costs rationalization initiatives supporting our goal of restoring Adjusted EBITDA profitability in the second quarter, we are turning our attention to driving top-line growth from an SAP services market that is in the early stages of a required migration to SAP S/4HAHA. As one of the few SAP-dedicated consultancies in the marketplace, we are proactively positioning ourselves with enterprises just starting down or are already on their migration paths and building our collaboration with SAP to drive incremental sales. To further embed Ameri100 with SAP, we are planning to exhibit at Sapphire Now, SAP’s annual user conference in June where we will also launch our unified Ameri100 brand. With a broad solutions offering and a focus on high-growth, high demand segments – cloud and digital – coupled with initiatives to broaden awareness of our capabilities and closer alignment with SAP, we are well positioned to secure our long-term success.”

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