Silversun Technologies Reports Second Quarter 2023 Results - Seite 2

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "We remain on pace for a record year in 2023. This second quarter was the best revenue quarter in the Company's history, which bested the previous record we established earlier this year in the first quarter. We are receiving positive contributions across the board from every department within the organization. For example, we were able to continue to execute on our plan to increase our market share of our software products, as evidenced by our 18.5% increase in software revenues this quarter, and a 22.8% increase during the first half of the year. We anticipate continued growth as our sales pipeline remains strong."

"We had previously been challenged in recruiting personnel to accommodate our growth. We have started to see a shift in the labor market, and we have been successful in recruiting very experienced consultants to add to our team. Our junior consultants, who were hired in 2022 as part of our in-house training initiative, have now been trained and are adding to our capacity and financial results. As a result of this and other initiatives, service revenue is up 26.8% this quarter, and up 21.5% during the first half of the year. We expect to remain aggressive in recruiting, as we see no slowdown in demand for our services."

"Our general and administrative expenses, as a percentage of revenue, decreased from 19.5% in Q2 2022 to 18.0% in Q2 2023. Similarly, general and administrative expenses decreased in the first half of the year from 21.8% in 2022 to 18.7% in 2023. This is despite the high inflation rate increasing our costs of doing business. Furthermore, we continue to invest in our sales and marketing efforts, with great success. We should be able to continue to improve our operating margins in the upcoming quarters as we aggressively scale our business."

Meller continued, "As a result of this strong financial performance, the Company has declared a special cash dividend of $0.20 per share. The record date for the dividend will be August 18, 2023, and the distribution date will be August 25, 2023. As we continue to successfully execute on our business plan, we believe this special cash dividend is an appropriate way to reward our shareholders for their support.

Meller then stated, "We announced the signing of a merger agreement with Rhodium Enterprises back in September 2022. Rhodium is an industrial-scale bitcoin mining company. The parties continue to push forward with the transaction, but we still await regulatory approval to move forward with the transaction."