Exhibit 99.1

 

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: 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)

 


The following information was filed by Ameri Holdings, Inc. (AMRH) on Tuesday, May 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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