AMERI Holdings Announces Financial Results for Q1 2017

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Strategic Partnership with NEC Corporation to provide SAP HANA Migration Services Successfully completed acquisition of ATCG an SAP Cloud Services Company

May 16, 2017 1:55 PM EDT

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 Fernandez100 Canal Pointe Blvd, Suite 108 Princeton, NJ 08540Phone: (732) 243-9250Email: [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   of March 31, 2017 and as of December 31, 2016

3,636

3,636

Common stock, $0.01 par value; 100,000,000 shares authorized, 14,579,417 and   13,885,972 issued and outstanding as of March 31, 2017 and December 31, 2016   respectively.

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 COMPREHENSIVE INCOME (LOSS)

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 EBITDA & ADJUSTED EBITDA

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)

 

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ameri-holdings-announces-financial-results-for-q1-2017-300458649.html

SOURCE Ameri100


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