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AMERI Holdings Announces Financial Results for Q1 2017

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: investorrelation@ameri100.com

 

 

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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