AMERI Holdings Announces Financial Results for Q1 2017
Strategic Partnership with NEC Corporation to provide SAP HANA Migration Services
Successfully completed acquisition of ATCG an SAP Cloud Services Company
PRINCETON, N.J., May 16, 2017 /PRNewswire/ -- AMERI Holdings, Inc. ("Ameri100" or the "Company") (OTCQB: AMRH), a leading integrated SAP solutions provider, reported financial results for the first quarter ended March 31, 2017.
Ameri100's Financial Results - First Quarter 2017 vs. First Quarter 2016:
- Total revenue was $12.3 million in the first quarter of 2017 (Q1 2017), compared to $7.0 million in the first quarter of 2016 (Q1 2016);
- Gross profit was $3.3 million, or 27% of total revenue, in Q1 2017, compared to $1.3 million, or 18% of total revenue, in Q1 2016;
- Net loss was $1.2 million, or ($0.09) per diluted share, in Q1 2017, compared to a net loss of $1.1 million, or ($0.09) per diluted share, in Q1 2016;
- Adjusted EBITDA (a non-GAAP financial measure) was $830,173 or 6.7% of total revenue, in Q1 2017, compared to Adjusted EBITDA of ($394,910) or (5.6%) of total revenue, in Q1 2016.
"2017 has started on an exciting note with the signing of the partnership with NEC America. This underscores our commitment to invest in strategic relationships which strengthen our capabilities to offer world class SAP services. The successful acquisition of ATCG further consolidates our strategic advantage to offer SAP cloud services to customers worldwide. We will continue to focus on building capabilities in Cloud, Digital and Enterprise Services both organically and inorganically" said Giri Devanur, the Company's Chief Executive Officer.
In March 2017, Ameri100 acquired ATCG Technology Solutions Inc., a system integration firm specializing in providing end-to-end SAP enterprise cloud services. ATCG brings deep expertise in the areas of SAP HANA, Hybris, SuccessFactors, and Business Intelligence. This acquisition reinforces Ameri100's position as a leading global systems integrator and service provider across the SAP product portfolio.
About Ameri100
AMERI Holdings, Inc. is a fast-growing technology services company which provides SAP cloud, digital and enterprise services to clients worldwide. Headquartered in Princeton, New Jersey Ameri100 has offices in New York, Atlanta, Dallas, Phoenix, Kansas City, Folsom, and Toronto. The Company additionally has global delivery centers in India. With its bespoke engagement model, Ameri100 delivers transformational value to its clients across industry verticals. For further information, visit www.ameri100.com
Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and expected future events or future performance of Ameri100 and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Ameri100's financial and growth projections as well as statements concerning our plans, predictions, estimates, strategies, intentions, beliefs and other information concerning our business and the markets in which we operate. The future performance of Ameri100 may be adversely affected by the following risks and uncertainties: the level of market demand for our services, the highly-competitive market for the types of services that we offer, market conditions that could cause our customers to reduce their spending for our services, our ability to create, acquire and build new businesses and to grow our existing businesses, our ability to attract and retain qualified personnel, currency fluctuations and market conditions around the world, and other risks not specifically mentioned herein but those that are common to industry. For a more detailed discussion of these factors and risks, investors should review Ameri100's reports on Form 10-K and other reports filed with the Securities and Exchange Commission (the "SEC"), which can be accessed through the SEC's website. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. All forward- looking statements are qualified in their entirety by this cautionary statement, and Ameri100 undertakes no duty to update this information to reflect future events, information or circumstances.
Investor and Media Contact:
Carlos Fernandez
100 Canal Pointe Blvd, Suite 108
Princeton, NJ 08540
Phone: (732) 243-9250
Email: [email protected]
| AMERI HOLDINGS, INC. |
||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
| March 31, 2017 |
December 31, 2016 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
1,812,600 |
$ |
1,379,887 |
||||
| Accounts receivable |
9,590,446 |
8,059,910 |
||||||
| Investments |
82,908 |
82,908 |
||||||
| Other current assets |
866,505 |
542,237 |
||||||
| Total current assets |
12,352,459 |
10,064,942 |
||||||
| Other assets: |
||||||||
| Property and equipment, net |
113,505 |
100,241 |
||||||
| Intangible assets, net |
11,845,910 |
8,764,704 |
||||||
| Acquired goodwill |
21,879,572 |
17,089,076 |
||||||
| Deferred income tax assets, net |
3,488,960 |
3,488,960 |
||||||
| Total other assets |
37,327,947 |
29,442,981 |
||||||
| Total assets |
$ |
49,680,406 |
$ |
39,507,923 |
||||
| Current liabilities: |
||||||||
| Line of credit |
3,956,494 |
3,088,890 |
||||||
| Accounts payable |
4,468,533 |
5,130,817 |
||||||
| Other accrued expenses |
3,147,210 |
2,165,088 |
||||||
| Bank Term Loan |
399,996 |
405,376 |
||||||
| Consideration payable – Cash |
4,199,238 |
1,854,397 |
||||||
| Consideration payable – Equity |
596,763 |
64,384 |
||||||
| Dividend Payable |
499,965 |
- |
||||||
| Total current liabilities |
17,268,199 |
12,708,952 |
||||||
| Long term liabilities: |
||||||||
| Convertible notes |
1,250,000 |
- |
||||||
| Bank Term Loan – Net of Current Portion |
1,023,474 |
1,536,191 |
||||||
| Consideration payable – Cash |
3,375,000 |
2,711,717 |
||||||
| Consideration payable – Equity |
11,993,723 |
10,887,360 |
||||||
| Total Long-term Liabilities |
17,642,197 |
15,135,268 |
||||||
| Total liabilities |
34,910,396 |
27,844,220 |
||||||
| Stockholders' equity: |
||||||||
| Preferred stock, $0.01 par value; 1,000,000 authorized, 363,611 issued and outstanding as |
3,636 |
3,636 |
||||||
| Common stock, $0.01 par value; 100,000,000 shares authorized, 14,579,417 and |
145,794 |
138,860 |
||||||
| Additional paid-in capital |
19,850,002 |
15,358,839 |
||||||
| Accumulated deficit |
(5,226,646) |
(3,833,588) |
||||||
| Accumulated other comprehensive income (loss) |
740 |
(7,426) |
||||||
| Non-Controlling Interest |
(3,516) |
3,382 |
||||||
| Total stockholders' equity |
14,770,010 |
11,663,703 |
||||||
| Total liabilities and stockholders' equity |
$ |
49,680,406 |
$ |
39,507,923 |
||||
| AMERI HOLDINGS, INC. |
||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND |
||||||||
| Three Months Ended March 31, |
||||||||
| 2017 |
2016 |
|||||||
| Net revenue |
$ |
12,340,927 |
$ |
7,012,964 |
||||
| Cost of revenue |
9,039,577 |
5,757,307 |
||||||
| Gross profit |
3,301,350 |
1,255,657 |
||||||
| Operating expenses: |
||||||||
| Selling and marketing |
332,310 |
31,350 |
||||||
| General and administration |
2,701,145 |
1,718,590 |
||||||
| Acquisition related expenses |
209,344 |
375,405 |
||||||
| Depreciation and amortization |
689,100 |
111,628 |
||||||
| Operating expenses |
3,931,899 |
2,236,973 |
||||||
| Operating income (loss): |
(630,549) |
(981,316) |
||||||
| Interest expense |
(90,806) |
(113,746) |
||||||
| Interest income/other income |
- |
2,005 |
||||||
| Other expense |
(4,149) |
(2,304) |
||||||
| Total other income (expenses) |
(94,955) |
(114, 045) |
||||||
| Income (loss) before income taxes |
(725,504) |
(1,095,361) |
||||||
| Income tax benefit (provision) |
(2,020) |
|||||||
| Net income (loss) after tax |
(725,504) |
(1,097,381) |
||||||
| Dividend on Preference Shares |
(499,965) |
- |
||||||
| Net income (loss) attributable to the Company |
(1,225,469) |
(1,097,381) |
||||||
| Non-Controlling Interest |
3,516 |
|||||||
| Foreign exchange translation adjustment |
5,335 |
(62,890) |
||||||
| Net income (loss) |
$ |
(1,216,618) |
(1,160,271) |
|||||
| Basic income (loss) per share attributable to the Company |
$ |
(0.09) |
$ |
(0.09) |
||||
| Diluted income (loss) per share attributable to the Company |
$ |
(0.09) |
$ |
(0.09) |
||||
| Basic weighted average number of shares |
14,094,536 |
11,874,361 |
||||||
| Diluted weighted average number of shares |
14,094,536 |
11,874,361 |
||||||
| AMERI HOLDINGS, INC. |
||||||||
| UNAUDITED RECONCILIATION OF NET INCOME/(LOSS) ATTRRIBUTABLE TO COMPANY TO |
||||||||
| Three Months Ended March 31, |
||||||||
| 2017 |
2016 |
|||||||
| Net income (loss) attributable to the Company : |
$ |
(1,225,469) |
$ |
(1,097,381) |
||||
| Preference dividend |
499,965 |
- |
||||||
| Depreciation and amortization |
689,100 |
111,628 |
||||||
| Interest expense and other, net |
90,806 |
113,761 |
||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA) |
54,402 |
(871,992) |
||||||
| Stock based compensation expense |
566,427 |
101,677 |
||||||
| Acquisition related expenses |
209,344 |
375,405 |
||||||
| Adjusted (EBITDA) |
$ |
830,173 |
$ |
(394,910) |
||||
SOURCE Ameri100
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