PRINCETON, N.J., April 6, 2017 /PRNewswire/ -- AMERI
Holdings, Inc. ("Ameri100" or the "Company") (OTCQB: AMRH), a
leading integrated SAP solutions provider, reported financial
results for the fourth quarter and fiscal year ended December 31, 2016.
Ameri100's Financial Results - Fourth Quarter 2016 vs.
Fourth Quarter 2015:
- Total revenue was over $12.3
million in the fourth quarter of 2016 ("2016Q4"), compared
to over $7.5 million in the fourth
quarter of 2015 ("2015Q4");
- Gross profit was over $2.0
million, or 17% of total revenue, in 2016Q4, compared to
over $3.3 million, or 44% of total
revenue, in 2015Q4;
- Net loss was over $2.4 million,
or ($0.18) per diluted share, in
2016Q4, compared to a net loss of over $1.8
million, or ($0.17) per
diluted share, in 2015Q4;
- Adjusted EBITDA (a non-GAAP financial measure) was ($89,041), or (1%) of total revenue, in 2016Q4,
compared to Adjusted EBITDA of ($492,063), or (6%) of total revenue, in
2015Q4.
Ameri100's Financial Results - Fiscal Year 2016 vs. Fiscal
Year 2015:
- Total revenue was over $36
million in 2016 compared to over $20
million in 2015;
- Gross profit was over $6.5
million, or 18% of total revenue, in 2016, compared to over
$6.8 million, or 34% of total
revenue, in 2015;
- Net loss was $2.78 million, or
($0.21) per diluted share, in 2016,
compared to a net loss of $0.81
million, or ($0.07) per
diluted share, in 2015;
- Cash used in operating activities was over ($2.7) million in 2016, compared to over
$3.9 million in 2015;
- Adjusted EBITDA (a non-GAAP financial measure) was $442, or 0% of total revenue, in 2016, compared
to Adjusted EBITDA of $1,170,098, or
6% of total revenue, in 2015.
"We exceeded our expectations for growth in fiscal year 2016 by
a significant amount with year-on-year revenue growth of 78%. Our
team has successfully completed eight acquisitions since 2013,
which has consolidated Ameri100's position as a leading system
integrator in the SAP cloud and digital enterprise services
industry. We believe our current financial position and focus on
SAP cloud services, along with our hybrid U.S./offshore business
model, will further advance Ameri100 in the industry. Ameri100
expects to continue to grow revenues through both organic growth as
well as additional acquisitions, which makes us confident that we
will achieve a $100 million
annualized revenue run rate in the near future," said Giri Devanur, the Company's Chief Executive
Officer. "In addition, we have invested a significant amount
to grow the business, which has suppressed margins in the short
term. We believe our U.S./offshore business model will yield
Adjusted EBITDA margins of 10-15% once scale has been
achieved."
In November 2016, Ameri100 was
ranked 5th in New Jersey and 182nd
in North America on the Deloitte
Technology Fast 500. This ranking was in recognition of Ameri100's
outstanding growth track record.
Ameri100 successfully completed three acquisitions of SAP
services companies in 2016, bringing total acquisitions to eight
since 2013:
- DC&M Partners, L.L.C. provides its clients with a wide
range of information technology development, consultancy, and
management services with an emphasis on the design, build, and
rollout of SAP implementations and related products. Headquartered
in Chandler, Arizona, DC&M is
also a SAP-certified software partner, having launched its SAP
reporting, extraction, and distribution tool called "IRIS".
- Ameri100 Virtuouso Inc., a Kansas based SAP consulting firm, has strong
capabilities in the SAP Finance space with its founders having
authored books on SAP finance. This acquisition bolsters Ameri100's
ability to deliver on its SAP HANA migration capabilities.
- Bigtech Software Pvt Ltd, an SAP solutions company based in
Bangalore, India strengthens our
presence in the Middle East and
enhances our SAP offshore capabilities.
As part of the Company's business strategy, Ameri100 also signed
a strategic partnership agreement with NEC Corporation of America
to deliver SAP HANA migration services in February 2017.
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.
On March 10, 2017, Ameri100 also
made a merger proposal to CIBER, Inc. (NYSE: CBR) valuing CIBER at
a price of $0.75 per share, which is
a substantial premium to CBR's closing price of $0.28 on the same date. Ameri100 formed a
stockholder group with Lone Star Value Management, LLC to nominate
two highly-qualified candidates to CIBER's Board of Directors at
its upcoming annual meeting of stockholders. The stockholder group
owns approximately 4.5 million shares of CIBER, representing 5.5%
of CIBER's total shares outstanding.
About Ameri100
AMERI Holdings, Inc. is a fast-growing company that, through the
operations of its twelve subsidiaries, provides SAP cloud and
digital enterprise services to clients worldwide. Headquartered in
Princeton, New Jersey with offices
in New York, Atlanta, Dallas, Chandler, Kansas
City, Folsom, and
Toronto. The company has offshore
centers in Bangalore, Chennai, Mumbai, and Noida, India. Ameri100 is a Lean Enterprise
Architecture Partner (LEAP), which provides a global partner
ecosystem with deep knowledge and capabilities to build and
implement complex solutions for clients and thereby building long
term sustainable value. 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.
|
|
AUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
December
31,
2016
|
|
December
31,
2015
|
|
Assets
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,379,887
|
|
$
|
1,878,034
|
|
Accounts
receivable
|
|
|
8,059,910
|
|
|
4,872,082
|
|
Investments
|
|
|
82,908
|
|
|
82,908
|
|
Other current
assets
|
|
|
542,237
|
|
|
343,809
|
|
Total current
assets
|
|
|
10,064,942
|
|
|
7,176,833
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
100,241
|
|
|
73,066
|
|
Intangible assets,
net
|
|
|
8,764,704
|
|
|
3,114,513
|
|
Acquired
goodwill
|
|
|
17,089,076
|
|
|
3,470,522
|
|
Deferred income tax
assets, net
|
|
|
3,488,960
|
|
|
-
|
|
Total other
assets
|
|
|
29,442,981
|
|
|
6,658,101
|
|
Total
assets
|
|
$
|
39,507,923
|
|
$
|
13,834,934
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Line of
credit
|
|
|
3,088,890
|
|
|
1,235,935
|
|
Accounts
payable
|
|
|
5,130,817
|
|
|
2,597,385
|
|
Other accrued
expenses
|
|
|
2,165,088
|
|
|
1,093,814
|
|
Long-term notes -
current portion
|
|
|
405,376
|
|
|
|
|
Consideration payable
- cash
|
|
|
1,854,397
|
|
|
3,649,267
|
|
Consideration payable
- equity
|
|
|
64,384
|
|
|
-
|
|
Total current
liabilities
|
|
|
12,708,952
|
|
|
8,576,401
|
|
|
|
|
|
|
|
|
Long term
liabilities:
|
|
|
|
|
|
|
|
Convertible
notes
|
|
|
-
|
|
|
5,000,000
|
|
Long-term notes – net
of current portion
|
|
|
1,536,191
|
|
|
-
|
|
Long-term
consideration payable - cash
|
|
|
2,711,717
|
|
|
-
|
|
Long-term
consideration payable - equity
|
|
|
10,887,360
|
|
|
-
|
|
Total Long-term
Liabilities
|
|
|
15,135,268
|
|
|
5,000,000
|
|
Total
liabilities
|
|
|
27,844,220
|
|
|
13,576,401
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Preferred stock,
$0.01 par value; 1,000,000 authorized, 363,611 issued and
outstanding as of
December 31, 2016, and none outstanding as of December 31,
2015
|
|
|
3,636
|
|
|
-
|
|
Common stock, $0.01
par value; 100,000,000 shares authorized, 13,885,972 and
11,874,361
issued and outstanding as of December 31, 2016, and December 31,
2015, respectively
|
|
|
138,860
|
|
|
118,743
|
|
Additional paid-in
capital
|
|
|
15,358,839
|
|
|
1,192,692
|
|
Accumulated
deficit
|
|
|
(3,833,588)
|
|
|
(1,052,902)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(7,426)
|
|
|
-
|
|
Non-Controlling
Interest
|
|
|
3,382
|
|
|
-
|
|
Total
stockholders' equity
|
|
|
11,663,703
|
|
|
258,533
|
|
Total liabilities
and stockholders' equity
|
|
$
|
39,507,923
|
|
$
|
13,834,934
|
|
AMERI HOLDINGS,
INC.
|
|
AUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
|
Twelve
Months
Ended
December 31,
|
|
Three
Months
Ended
December 31,
|
|
|
2016
|
|
|
2015
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
$
|
36,145,589
|
|
$
|
20,261,172
|
$
|
12,387,129
|
|
$
|
7,582,359
|
|
Cost of
revenue
|
|
|
29,608,932
|
|
|
13,391,504
|
|
10,320,127
|
|
|
4,253,941
|
|
Gross
profit
|
|
|
6,536,657
|
|
|
6,869,668
|
|
2,067,003
|
|
|
3,328,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
417,249
|
|
|
119,847
|
|
15,762
|
|
|
-
|
|
General and
administration
|
|
|
8,552,966
|
|
|
5,721,633
|
|
3,628,322
|
|
|
4,922,772
|
|
Nonrecurring
expenditures
|
|
|
1,585,136
|
|
|
1,655,962
|
|
(45,642)
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
1,361,169
|
|
|
166,208
|
|
638,779
|
|
|
140,518
|
|
Operating
expenses
|
|
|
11,916,520
|
|
|
7,663,650
|
|
4,237,221
|
|
|
5,063,290
|
|
Operating income
(loss):
|
|
|
(5,379,863)
|
|
|
(793,982)
|
|
(2,170,219)
|
|
|
(1,734,872)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(751,074)
|
|
|
(238,471)
|
|
(76,391)
|
|
|
(150,816)
|
|
Interest income/other
income
|
|
|
-
|
|
|
89,918
|
|
(44)
|
|
|
82
|
|
Other
income
|
|
|
16,604
|
|
|
-
|
|
16,604
|
|
|
-
|
|
Change due to
estimate correction of consideration payable
|
|
|
(410,817)
|
|
|
-
|
|
(410,817)
|
|
|
-
|
|
Total other income
(expenses)
|
|
|
(1,145,287)
|
|
|
(148,553)
|
|
(668,372)
|
|
|
(150,734)
|
|
Net income (loss)
before income taxes
|
|
|
(6,525,150)
|
|
|
(942,535)
|
|
(2,443,144)
|
|
|
(1,885,606)
|
|
Income tax benefit
(provision)
|
|
|
3,747,846
|
|
|
128,460
|
|
-
|
|
|
|
|
Net income
(loss)
|
|
|
(2,777,304)
|
|
|
(814,075)
|
|
(2,443,144)
|
|
|
(1,885,606)
|
|
Non-controlling
interest
|
|
|
(3,382)
|
|
|
-
|
|
(3,382)
|
|
|
|
|
Net income (loss)
attributable to the Company
|
|
|
(2,780,686)
|
|
|
(814,075)
|
|
(2,446,526)
|
|
|
(1,885,606)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
translation adjustment
|
|
|
(7,426)
|
|
|
-
|
|
(807)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss)
|
|
$
|
(2,788,112)
|
|
$
|
(814,075)
|
$
|
(2,447,333)
|
|
$
|
(1,885,606)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income
(loss) per share
|
|
$
|
(0.21)
|
|
$
|
(0.07)
|
$
|
(0.18)
|
|
$
|
(0.17)
|
|
Diluted income
(loss) per share
|
|
$
|
(0.21)
|
|
$
|
(0.07)
|
$
|
(0.18)
|
|
$
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average number of shares
|
|
|
13,068,597
|
|
|
11,101,198
|
|
13,885,972
|
|
|
11,101,198
|
|
Diluted weighted
average number of shares
|
|
|
13,068,597
|
|
|
11,101,198
|
|
13,885,972
|
|
|
11,101,198
|
|
AMERI HOLDINGS,
INC.
|
|
AUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Twelve
Months
Ended
December 31,
|
|
Three
Months
Ended
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Cash flow from
operating activities
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
$
|
(2,780,686)
|
|
$
(814,075)
|
|
$
|
(2,446,526)
|
|
$
|
(1,885,606)
|
|
Adjustment to
reconcile income/(loss) to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
1,361,169
|
|
166,284
|
|
|
638,779
|
|
|
140,594
|
|
Provision for
doubtful debts/ (written back), net
|
|
-
|
|
410,712
|
|
|
-
|
|
|
410,712
|
|
Accrued interest on
convertible notes
|
|
125,000
|
|
-
|
|
|
125,000
|
|
|
-
|
|
Change due to
estimate correction of consideration payable
|
|
410,817
|
|
-
|
|
|
410,817
|
|
|
-
|
|
Stock, option,
restricted stock unit and warrant expense
|
|
1,457,647
|
|
141,910
|
|
|
511,688
|
|
|
141,910
|
|
Deferred income
taxes, net
|
|
(3,488,960)
|
|
-
|
|
|
258,886
|
|
|
-
|
|
Foreign exchange
translation adjustment
|
|
(7,426)
|
|
-
|
|
|
(807)
|
|
|
-
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(3,187,828)
|
|
(3,548,324)
|
|
|
(335,050)
|
|
|
3,716,175
|
|
Other current
assets
|
|
(198,428)
|
|
(169,549)
|
|
|
87,403
|
|
|
108,963
|
|
Security
deposit
|
|
-
|
|
-
|
|
|
-
|
|
|
16,837
|
|
Accounts payable and
accrued expenses
|
|
3,604,706
|
|
(89,586)
|
|
|
1,043,385
|
|
|
(645,368)
|
|
Other current
liabilities
|
|
-
|
|
-
|
|
|
|
|
|
(1,670,333)
|
|
Taxes
payable
|
|
-
|
|
-
|
|
|
|
|
|
84,971
|
|
Net cash used
in operating activities
|
|
(2,703,989)
|
|
(3,902,628)
|
|
|
293,575
|
|
|
418,855
|
|
Cash flow from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
intangible and fixed assets
|
|
(3,688,996)
|
|
(70,782)
|
|
|
(6,950,613)
|
|
|
3,061,190
|
|
Acquisition
consideration payable
|
|
(2,903,066)
|
|
(1,765,549)
|
|
|
5,875,974
|
|
|
3,470,522
|
|
Investments
|
|
-
|
|
-
|
|
|
(82,908)
|
|
|
(10,965,549)
|
|
Net cash used in
investing activities
|
|
(6,592,062)
|
|
(1,836,331)
|
|
|
(1,157,547)
|
|
|
(4,433,837)
|
|
Cash flow from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from loan
funds
|
|
3,794,522
|
|
6,235,935
|
|
|
(673,357)
|
|
|
985,935
|
|
Non-Controlling
Interests Net Income
|
|
3,382
|
|
-
|
|
|
3,382
|
|
|
-
|
|
Additional stock
issued
|
|
5,000,000
|
|
-
|
|
|
-
|
|
|
(159,521)
|
|
Net cash provided
by financing activities
|
|
8,797,904
|
|
6,235,935
|
|
|
(669,975)
|
|
|
826,414
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(498,147)
|
|
496,976
|
|
|
(1,533,947)
|
|
|
(3,188,568)
|
|
Cash and cash
equivalents as at beginning of the year
|
|
1,878,034
|
|
1,381,058
|
|
|
2,913,834
|
|
|
5,066,602
|
|
Cash at the end of
the year
|
$
|
1,379,887
|
|
$
1,878,034
|
|
$
|
1,379,887
|
|
|
$
1,878,034
|
|
SUPPLEMENTAL
DISCLOSURES:
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during
the period for:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
$
|
362,792
|
|
$
238,471
|
|
|
|
|
|
|
|
Taxes
|
|
|
|
|
|
|
|
|
|
|
|
AMERI HOLDINGS,
INC.
|
|
RECONCILIATION OF
NET INCOME/(LOSS) TO EBITDA & ADJUSTED EBITDA
|
|
|
|
Twelve
Months
Ended
December 31,
|
|
Three
Months
Ended
December 31,
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss):
|
|
$
|
(5,379,863)
|
|
$
|
(793,982)
|
|
$
|
(2,170,219)
|
|
$
|
(1,734,872)
|
|
|
Depreciation and
amortization
|
|
|
1,361,169
|
|
|
166,208
|
|
|
638,779
|
|
|
140,518
|
|
|
Earnings before
interest, tax, depreciation and amortization
(EBITDA)
|
|
|
(4,018,694)
|
|
|
(627,774)
|
|
|
(1,531,440)
|
|
|
(1,594,354)
|
|
|
EBITDA
%
|
|
|
(11.12
%)
|
|
|
(3.10
%)
|
|
|
(12.36%)
|
|
|
(21.03
%)
|
|
|
Stock based
compensation expense
|
|
|
1,457,647
|
|
|
141,910
|
|
|
511,688
|
|
|
-
|
|
|
Nonrecurring
expenditures
|
|
|
1,585,136
|
|
|
1,655,962
|
|
|
(45,642)
|
|
|
1,102,291
|
|
|
Other Acquisition,
Learning & Development Expenses
|
|
|
976,353
|
|
|
-
|
|
|
976,353
|
|
|
-
|
|
|
Adjusted Earnings
before interest, tax, depreciation and
amortization (EBITDA)
|
|
$
|
442
|
|
$
|
1,170,098
|
|
$
|
(89,041)
|
|
$
|
(492,063)
|
|
|
Adjusted EBITDA
%
|
|
|
(0.00
%)
|
|
|
(5.78
%)
|
|
|
(0.72
%)
|
|
|
(6.00
%)
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameri-holdings-announces-financial-results-for-q4-2016-and-fy2016-300436325.html
SOURCE AMERI Holdings, Inc.