SilverSun Technologies, Inc., a premier total solutions provider specializing in business management applications and professional consulting services, today announced its first financial results for the three months ended March 31, 2012.
Net service revenues increased 35% to $2,549,885 from $1,886,446, offsetting the decline in software sales due largely to the closing of several major sales being pushed to the second quarter reporting period and beyond. Total revenues climbed 5% year-over-year to $2,908,859 from $2,761,445.
Notwithstanding a one-time, non-cash charge of $719,267 booked as share-based compensation expense related to previously described restructuring, SilverSun Technologies achieved income from operations on a non-GAAP basis of approximately $33,676, which compared to income from operations of $235,000 in the same period a year prior. On a GAAP reporting basis and after factoring in the one-time, non-cash expense item, loss from operations for the first quarter of 2012 totaled $685,591.
As of March 31, 2012, the company had $99,952 in cash; $1,164,352 in accounts receivable; zero long term debt; and total stockholders’ deficit of $839,623.
“We continue to be very pleased with the positive progress SilverSun is making in diversifying and expanding our principal operating subsidiary SWK Technologies’ revenue mix with proprietary software and service-oriented offerings,” Chairman, President, and CEO Mark Meller stated. “This successful strategy has helped to offset any material impact of several large Sage software sales, originally expected to close in the first quarter, being pushed or postponed into later reporting periods.”
Meller continued, “We continue to aggressively execute on our business plan. We acquired one reseller in January, and announced the signing of a letter of intent to acquire Hightower in March. We anticipate that transaction closing imminently. The Company continues to aggressively seek out acquisitions in the Small and Medium-Sized Business software marketplace, and we hope to be in a position to announce further acquisitions in the coming weeks and months.”
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