AMERI Holdings Announces Financial Results for Q1 2017

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 12TH, 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 $1.6 million, or 23% 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 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:carlos.fernandez@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



5,365,561

Gross profit



3,301,350



1,647,403








Operating expenses:







Selling and marketing



332,310



31,350

General and administration



2,701,145



2,110,336

Acquisition related expenses



209,344



375,405

Depreciation and amortization



689,100



111,628

Operating expenses



3,931,899



2,628,719

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)

Net 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.

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 Cost(net of Interest Income)


90,806


111,741

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 AMERI Holdings, Inc.