Ex. 99.1

 

AMERI Holdings, Inc. Announces Financial Results for the Second Quarter of 2017

 

Ameri Holdings continues to streamline and integrate acquired businesses to align with its cloud, digital and enterprise SAP services, specifically focusing on SAP’s futuristic technology investments

 

 

 

 

PRINCETON, N.J., August 18, 2017 /PRNewswire/ -- AMERI Holdings, Inc. (“Ameri100” or the “Company”) (OTCQB: AMRH

), a leading integrated SAP solutions provider, reported financial results for the second quarter ended June 30, 2017.

 

Ameri100’s Financial Results - Second Quarter 2017 vs. Second Quarter 2016:

·Total revenue was $12.3 million in the second quarter of 2017 (“Q2 2017”), compared to $6.7 million in the second quarter of 2016 (“Q2 2016”);
·Gross profit was $2.3 million, or 19% of total revenue, in Q2 2017, compared to $1.5 million, or 23% of total revenue, in Q2 2016;
·Comprehensive loss was $3.8 million, or ($0.26) per diluted share, in Q2 2017, compared to a net loss of $1.2 million, or ($0.09) per diluted share, in Q2 2016;
·Adjusted EBITDA (a non-GAAP financial measure) was $(602,929) or (4.9%) of total revenue, in Q2 2017, compared to Adjusted EBITDA of ($253,412) or (3.8%) of total revenue, in Q2 2016.

 

Ameri100’s Financial Results – Six Months Ended June 30, 2017 vs. Six Months Ended June 30, 2016:

·Total revenue was $24.6 million for the six months ended June 30, 2017 (the “Six months of 2017”), compared to $13.7 million for the six months ended June 30, 2016 (the “Six months of 2016”);
·Gross profit was $5.6 million, or 23% of total revenue, in the Six months of 2017, compared to $2.8 million, or 20% of total revenue, in the Six months of 2016;
·Comprehensive loss was $5.0 million, or ($0.35) per diluted share, in the Six months of 2017, compared to a comprehensive loss of $2.4 million, or ($0.19) per diluted share, in the Six months of 2016;
·Adjusted EBITDA (a non-GAAP financial measure) was $231,393 or 0.9% of total revenue, in the Six months of 2017, compared to Adjusted EBITDA of ($646,018) or (4.7%) of total revenue, in the Six months of 2016.

 

Ameri100 focused on streamlining and aligning its business to the fast-changing constructs of the SAP services market in Q2 2017. The Company is now a comprehensive SAP services company, and the alignments were largely centered around cloud, digital and enterprise SAP services, with a clear focus on SAP’s strategic opportunities for the future – S4/HANA and Leonardo. “The Company will continue to focus on building capabilities in cloud, digital and enterprise SAP services both organically and through acquisitions,” said Giri Devanur, the Company’s President and Chief Executive Officer.

 

Ernst & Young named Giri Devanur as the Entrepreneur Of The Year® 2017 in the technology category in New Jersey. The award recognizes entrepreneurs who excel in areas such as innovation, financial performance and personal commitment to their businesses and communities. Mr. Devanur was selected by an independent panel of judges.

 

About Ameri100

 

AMERI Holdings, Inc. is a fast-growing technology services company which provides cloud, digital and enterprise SAP services to clients worldwide. Headquartered in Princeton, New Jersey Ameri100 has offices in the U.S. and Canada.  The Company also 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:

Viraj Patel
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

 

 

  

June 30,

2017

 

December 31,

2016

Assets
Current assets:          
Cash and cash equivalents  $1,041,133   $1,379,887 
Accounts receivable   8,720,203    8,059,910 
Investments and other current assets   990,409    625,145 
Total current assets   10,751,745    10,064,942 
Other assets:          
Goodwill and intangible assets, net   32,944,602    25,853,780 
Other assets   3,596,493    3,589,201 
Total other assets   36,541,095    29,442,981 
Total assets  $47,292,840   $39,507,923 
           
Current liabilities:          
Line of credit   4,105,454    3,088,890 
Accounts payable and accrued expenses   6,758,595    7,295,905 
Bank Term Loan   406,031    405,376 
Consideration payable – Cash/Equity   3,822,989    1,918,781 
Dividend Payable   499,965    —   
Total current liabilities   15,593,034    12,708,952 
Long- term Liabilities:          
Convertible notes   1,250,000    —   
Bank Term Loan   1,333,718    1,536,191 
Consideration payable – Cash/Equity   15,496,222    13,599,077 
Total Long-term liabilities   18,079,940    15,135,268 
Total liabilities   33,672,974    27,844,220 
           
Total stockholders' equity   13,619,866    11,663,703 
Total liabilities and stockholders' equity  $47,292,840   $39,507,923 
           

 

 

 

 

  

AMERI HOLDINGS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 

  

Three Months Ended

June 30, 2017

 

Three Months Ended

June 30, 2016

 

Six Months Ended

June 30, 2017

 

Six Months Ended

June 30, 2016

             
Revenue  $12,268,259   $6,686,938   $24,609,186   $13,699,902 
Cost of revenue   9,935,468    5,169,538    18,975,045    10,926,845 
Gross profit   2,332,791    1,517,400    5,634,141    2,773,057 
                     
Operating expenses                    
Selling and marketing   434,895    135,329    767,205    166,679 
General and administration   4,405,377    1,977,510    7,106,522    3,696,100 
Acquisition related expenses   175,136    239,815    384,480    615,220 
Depreciation and amortization   825,657    101,385    1,514,757    213,013 
Operating expenses   5,841,065    2,454,039    9,772,964    4,691,012 
Operating income (loss)   (3,508,274)   (936,639)   (4,138,823)   (1,917,955)
Interest expenses   (164,343)   (270,514)   (255,149)   (384,260)
Changes in estimates   400,000    —      400,000    —   
Other expense – net   8,624    (1,862)   4,475    (2,161)
Income (loss) before income taxes   (3,263,993)   (1,209,015)   (3,989,497)   (2,304,376)
Tax benefit / (provision)   —      —      —      —   
Income after income taxes   (3,263,993)   (1,209,015)   (3,989,497)   (2,304,376)
Net income attributable to non-controlling interest   (15,388)   —      (11,872)   —   
Net income (loss) attributable to the Company   (3,279,381)   (1,209,015)   (4,001,369)   (2,304,376)
Dividend on preferred stock   (504,826)   —      (1,004,791)   —   
Net loss attributable to common stock holders   (3,784,207)   (1,209,015)   (5,006,160)   (2,304,376)
Other comprehensive income (loss), net of tax                    
Foreign exchange translation   (2,185)   (2,808)   3,150    (65,698)
Comprehensive income/(loss)  $(3,786,392)  $(1,211,823)  $(5,003,010)  $(2,370,074)
Comprehensive income/(loss) attributable to the Company   (3,771,004)   (1,211,823)   (4,991,138)   (2,370,074)
Comprehensive income/(loss) attributable to the non-controlling interest   (15,388)   —      (11,872)   —   
    (3,786,392)   (1,211,823)   (5,003,010)   (2,370,074)
                     
Basic income (loss) per share  $(0.26)  $(0.09)  $(0.35)  $(0.19)
Diluted income (loss) per share  $(0.26)  $(0.09)  $(0.35)  $(0.19)
                     
Basic weighted average number of common shares outstanding   14,610,609    12,845,057    14,352,573    12,359,709 
Diluted weighted average number of common shares outstanding   14,610,609    12,845,057    14,352,573    12,359,709 

 

 

 

 

 

AMERI HOLDINGS, INC.

UNAUDITED RECONCILIATION OF NET INCOME/(LOSS) ATTRRIBUTABLE TO COMPANY TO EBITDA & ADJUSTED EBITDA

 

  

Three Months Ended

June 30,

 

Six Months Ended

June 30,

   2017  2016  2017  2016
Net income (loss) attributable to the Company:  $(3,279,381)  $(1,209,015)  $(4,001,369)  $(2,304,376)
Changes in estimates   (400,000)   —      (400,000)   —   
Depreciation and amortization   825,657    101,385    1,514,757    213,013 
Non-Controlling Interest   15,388    —      11,872    —   
Interest expense and other, net   155,719    272,376    250,674    386,421 
Earnings before interest, tax, depreciation and amortization (EBITDA)   (2,682,617    (835,254)   (2,624,066)   (1,704,942)
Stock based compensation expense   1,904,552    342,027    2,470,979    443,704 
Acquisition related expenses   175,136    239,815    384,480    615,220 
Adjusted (EBITDA)  $(602,929)  $(253,412)  $231,393   $(646,018)

 

  

 

 


The following information was filed by Ameri Holdings, Inc. (AMRH) on Friday, August 18, 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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