SilverSun Technologies Reports First Quarter 2024 Results

EAST HANOVER, NJ / ACCESSWIRE / May 7, 2024 / SilverSun Technologies, Inc. (NASDAQ:SSNT), a national provider of transformational business technology solutions and services, today announced its first quarter results for the three months ended March 31, 2024.

Financial Highlights for Three Months Ended March 31, 2024 as Compared to Three Months Ended March 31, 2023:

• Total revenue was $14,435,555, compared with $13,127,738, an increase of 10.0%.
• Software sales were $3,480,001, compared with $3,322,329, an increase of 4.7%.
• Service and other revenues totaled $10,955,554, compared with $9,805,409, an increase of 11.7%.
• Gross profit was $5,657,487, compared with $5,357,560, an increase of 5.6%.
• Earnings before taxes, interest, depreciation and amortization ("EBITDA"), plus share-based compensation, were $503,910, compared with earnings before taxes, interest, depreciation and amortization, plus share-based compensation, of $665,536, a decrease of 161,626.
• Net income was $138,087, or $0.03 earnings per basic and diluted share, compared to net income was $277,491, or $0.05 earnings per basic and diluted share.

For more details on SilverSun's first quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at www.sec.gov.

Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, "This was a solid quarter for the company. Total revenue was $14.4 million, our highest first quarter figure ever. Software sales were up 4.7% over last year. Service and other revenues, which includes managed and professional services, was up 11.7%. We generally had positive results and contributions across our entire platform, including professional consulting, application hosting, infrastructure-as-a-service, and development.

"The company continues to move forward with its previously announced transaction with Brad Jacobs and Jacobs Private Equity. A shareholder's meeting is scheduled for May 30, 2024, at which time stockholders will have the opportunity to vote to approve that transaction. Following such approval, if secured, the parties will work to close the transaction on or before October 15, 2024."

Meller concluded, "Our customers and prospects seem to feel confident about their economic outlook, both in the short and long term, and continue to invest in their systems and infrastructure for the future. As a result, the Company is well positioned for success, and we look forward to delivering more positive news and results in the coming quarters."