QualityStocks News - SilverSun Technologies (SSNT) Reports Financial Results for First Quarter 2012

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Total revenues up 5%, net service revenues up 35%

The company continues to aggressively seek out acquisitions...

QualityStocks would like to highlight SilverSun Technologies (OTCQB: SSNT), involved in the acquisition and build-out of technology and software companies. The company's growth strategy is to acquire firms in this extensive and expanding, but highly fragmented segment, as it seeks to create substantial value for shareholders. Since June 2004, SilverSun has acquired SWK Technologies, Inc., Business Tech Solutions Group, Inc., Wolen Katz Associates, and AMP-BEST Consulting, Inc.

In the company’s news yesterday,

SilverSun Technologies, Inc. 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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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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