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Tag: SSNT

  • SilverSun Technologies, Inc. (SSNT) Stock Skyrockets Following Announcement of Dividend Payment

    SilverSun Technologies, Inc. (SSNT) stock prices surged by a massive 24.26% as of the market closing on June 22nd, 2021, bringing the price per share up to USD$10.50 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock dip marginally by 2.19%, bringing it down to USD$10.73.

    Implementing Dividend

    The national provider of game-changing business technology solutions announced on June 22nd, 2021 that its Board of Directors had declared the commencement of a special cash dividend on the company’s common stock. The dividend to be paid out has been set at USD$0.60 per share of the company’s common stock, with a record date of July 9th, 2021, and a payment date of July 16th, 2021.

    Sharing Profits

    As the company continues the successful implementation of their business plan, it concluded that a special cash dividend was a suitable way to reward the company’s shareholders for their continued investments and support. As the company makes more money, it plans on sharing the fruits of its labor with investors. Business conditions such as the company’s cash requirements will drive the future payment of dividends. As the company’s financial performance varies over time, the Board of Directors will accordingly adjust any future dividend payout levels.

    Financial Reports

    Total revenues for the quarter ended March 31st, 2021 were reported at USD$10,879,468, up 7.9% from the total revenue reported for the prior year quarter. Software sales exhibited a 13.3% improvement, up to USD$2,004,011 for the 2021 quarter, while services revenues were up 6.8% year-over-year to hit USD$8,875,457. Gross profit came in at USD$4,746,537 in Q1 2021, up 23.2% from the USD$3,852,210 reported in the first quarter of fiscal 2020.

    Net Income & Liquidity Position

    Net income for Q1 2021 came in at USD$354,679, representing a net income of USD$0.07 per basic and diluted share. This is a significant improvement on the USD$292,1155 reported in net loss for the year-ago quarter, representing a net loss of USD$0.06 per basic and diluted share. The company reported a strong liquidity position as of March 31st, 2021, with USD$9,356,136 in cash, USD$1,904,057 in accounts receivable, long term debt of USD$725,416, and total stockholders’ equity of USD$11,688,772.

    Future Outlook for SSNT

    Armed with a solid liquidity position, SSNT is poised to capitalize on the momentum generated from its announcement of dividends on shares of its common stock. The company is keen to continue its trajectory of success with the opportunities afforded to it from its recent surge in equity value. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • SilverSun Technologies Inc (SSNT) stock performed well on Thursday, But why?

    SilverSun Technologies Inc (SSNT) stock performed well on Thursday, But why?

    SilverSun Technologies Inc. (SSNT) shares surged 14.32% in the after-hours on Thursday, June 17, 2021, and closed at $8.46 per share. Earlier in the morning session, SSNT’s stock gained 1.37% to close Thursday’s morning session at $7.40 per share. SSNT shares have risen 240.95% over the last 12 months, and they have moved down by -5.73% in the past week. Over the past three months, the stock has gained 11.78%, while over the past six months, it has shed 136.34%.

    Let’s have a look at its recent news and developments.

    Avalara Top Partner Award

    On June 4, 2021, SWK Technologies, Inc which is a wholly-owned subsidiary of SilverSun Technologies, received the Avalara Top Partner Award for 2021 in the systems integrator category.

    The Avalara Partner Awards recognize Avalara partners that have gone above and beyond in areas including sales, customer satisfaction, integration, and implementation.

    Recent financial results

    On May 11, 2021, SilverSun Technologies, Inc reported its first-quarter results for the three months ended March 31, 2021.

    Q1 2021 financial highlights

    • SWK Technologies reported a total revenue of $10,879,468 in Q1 2021 compared to $10,079,524 in Q1 2020.
    • For Q1 2021, gross profit was$4,746,537, compared with $3,852,210 in Q1 2020.
    • EBITDA was $691,319 in Q1 2021 compared to $218,654 in Q1 2020.
    • For Q1 2021, Net income was $354,679, or $0.07 per basic and diluted share in Q1 2021, compared to a net loss of $292,115, or $0.06 loss per basic and diluted share in Q1 2020.
    • The Company had $9,356,136 in cash; $1,904,057 in accounts receivable; long term debt of $725,416and total stockholders’ equity of $11,688,772, on March 31, 2021.

    New IT Security and Compliance Division

    OnApril 7, 2021, SilverSun Technologies, Inc established an IT security and compliance division. The new practice will assist SWK’s 5000+ customers in achieving compliance goals to meet or exceed regulatory compliance obligations.

    Intention to acquire Human Capital Management Division of PeopleSense

    On March 30, 2021, SWK Technologies which is a wholly-owned subsidiary of SilverSun Technologies, Inc signed a letter of intent to acquire the human capital management (HCM) division of PeopleSense, Inc. Over the last 18 years, PeopleSense has implemented HCM solutions to customers over half of the United States, Canada, Puerto Rico and the U.S. Virgin Islands.

    FY2020financial highlights

    • For FY 2020, company reported total revenue of 41,220,406, compared with $38,502,482 in 2019.
    • Gross profit was $16,578,981 in FY 2020, compared with $14,678,454 in 2019.
    • EBITDA was $929,317 in FY 2020, compared with$1,187,026 in FY 2019.
    • EPS on a diluted basis, was $0.04 in FY 2020, compared to a loss per share from continuing operations of $0.33 in 2019.
    • The company had total cash of $6,595,416and $1,892,129 in long term liabilities on December 31, 2020. 

    Conclusion

    Well, as of this writing, there is no new development which we can link with its good performance on Thursday. we hope that SSNT will continue to perform well on Friday as well.

  • SilverSun Technologies Inc. (SSNT) stock jumps 7% today. Here’s what has happened

    SilverSun Technologies Inc. (SSNT) stock jumps 7% today. Here’s what has happened

    SilverSun Technologies Inc. (NASDAQ: SSNT) stock rises by 7.07% in the current trading session after SSNT today has announced financial results of its fourth quarter and full year ended on December 31, 2020. SSNT is a business application also a technology and consulting company that facilitates people with software and IT solutions for their information, technology and business management queries. Through its services, SSNT makes its customers able to manage and monetize their enterprise assets.

    Financial results of the fourth quarter and full year 2020

    • SSNT has generated total revenue of $11,308,787 for the fourth quarter of 2020 compared to $9,967,886 in the fourth quarter of 2019, this makes a total increase of 13.5%. While the revenue generated for the full year 2020 was $44,220,406 whereas for the full year 2019 revenue generated was $38,502,482 which is an increase of 7.1%.
    • The gross profit reported by SSNT for the fourth quarter was $4,736,177 and $16,578,981 for the fourth quarter and full year, respectively. Comparatively, for the fourth quarter and full year 2019, the gross profit was $3,723,109 and $14,678,454.
    • Also, the Income generated from the existing operations was $480,391 for the fourth quarter of 2020 compared to the loss of $399,557 from the same operations in 2019.
    • Earnings per share for the full year 2020 from the existing operations were $0.04, whereas for the year 2019 the EPS was $0.33.
    • Lastly, by the end of 2020, cash totaled was $6,595,416 also SSNT had $1,892,129 as in long-term liabilities.

    Conclusion

    The financial results depict that unlike many other companies the business of SSNT did not get affected by the COVID-19 pandemic. Also, the CEO of SSNT showed his confidence in the progress of SilverSun technologies and also mentioned that they are hopeful to continue making progress in the coming months as well.