SilverSun Technologies, Inc., a total solutions provider specializing in business software for the small and medium-sized business market, just reported its financial results for the calendar year ended December 31, 2011, in a Form 10-K filed with the Securities and Exchange Commission.
The company’s revenues for the twelve-month period increased 40.5% year-over-year to a record $10,522,080 from $7,486,703 in 2010. Net income on a consolidated basis totaled $2,708,931 for the year ending December 31, 2011, also a record, as compared to a net loss of $568,505 on a consolidated basis for the year ended December 31, 2010, an increase of $3,277,436.
Earnings per share was reported at $0.58 for the year ending December 31, 2011, a substantial improvement over the net loss of $0.13 per share reported for the previous year. Earnings per share on a fully diluted basis was $0.02 for the year ending December 31, 2011, compared to a net loss per share of $0.13 on a fully diluted basis for 2010.
Mark Meller, Chief Executive Officer of SilverSun Technologies, stated, “This was a banner year for our Company, and we are very pleased to report financial improvements across the board. Operating profit, despite the expenses we incurred as a result of our restructuring, was still $260,000. Furthermore, we have secured a line of credit with a commercial lender and have reduced our total liabilities by $3,712,550, from $6,133,472 on March 30, 2011, to $2,420,922 as of December 31, 2011, a reduction of 60.5%.”
“Our Company is working hard to execute on its aggressive growth plan,” Meller added. “With organic sales accelerating, significant reduction of our debt, and a profitable operating business, we are well positioned to commence the next phase of our growth strategy, which includes the acquisition of other resellers and proprietary products. We are excited about the future and look forward to providing additional information on further developments.”
For more information, visit SilverSun’s Web site at www.silversuntech.com
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