<SEC-DOCUMENT>0001185185-18-000895.txt : 20180515
<SEC-HEADER>0001185185-18-000895.hdr.sgml : 20180515
<ACCEPTANCE-DATETIME>20180515143953
ACCESSION NUMBER:		0001185185-18-000895
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180514
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180515
DATE AS OF CHANGE:		20180515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SilverSun Technologies, Inc.
		CENTRAL INDEX KEY:			0001236275
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				161633636
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38063
		FILM NUMBER:		18835482

	BUSINESS ADDRESS:	
		STREET 1:		120 EAGLE ROCK AVE
		CITY:			EAST HANOVER
		STATE:			NJ
		ZIP:			07936
		BUSINESS PHONE:		730 441 7700

	MAIL ADDRESS:	
		STREET 1:		120 EAGLE ROCK AVE
		CITY:			EAST HANOVER
		STATE:			NJ
		ZIP:			07936

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREY RESOURCES INC
		DATE OF NAME CHANGE:	20050923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREY INDUSTRIES INC
		DATE OF NAME CHANGE:	20030528
</SEC-HEADER>
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 UNITED STATES</div>

<div style="FONT-SIZE: 16pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Washington, D.C. 20549</div>

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<div style="FONT-SIZE: 16pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">CURRENT REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Date of Report (Date of earliest event reported): <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">May 14, 2018</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">(Exact name of registrant as specified in its charter)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 10pt">120 Eagle Rock Ave</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 10pt"><u>East Hanover, NJ 07936</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><u>(973) 396-1720</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1934 (&#167;240.12b-2 of this chapter).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Emerging growth company <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI Symbol', sans-serif">&#9744;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI Symbol', sans-serif">&#9744;</font></div>

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<div style="MARGIN-BOTTOM: 3pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 3pt; LINE-HEIGHT: 11.4pt">On May 14, 2018, SilverSun Technologies, Inc. (the &#8220;Company&#8221;) issued a press release regarding the Company&#8217;s financial results for the period ended March 31, 2018, which is also disclosed in the Company&#8217;s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 14, 2018. A copy of the Company&#8217;s press release is attached hereto as Exhibit 99.1. The attached exhibit is provided under Item 7.01 of this current report on Form 8-K and is furnished to, but not filed with, the Securities and Exchange Commission.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt"><a href="ex99-1.htm">Press release dated May 14, 2018 &#8220;SilverSun Technologies Reports Profitable First Quarter 2018 Results&#8221;.</a></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Date: May 15, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">/s/Mark Meller&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Mark Meller</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">President, Chief Executive Officer and</div>
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font><br style="LINE-HEIGHT: 12.55pt">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SILVERSUN TECHNOLOGIES REPORTS PROFITABLE FIRST QUARTER 2018 RESULTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">Company Posts Best First Quarter Revenue in Corporate History</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">EAST HANOVER, NJ&#160; &#8211; May 14, 2018 &#8211; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SilverSun Technologies, Inc. </font>(NASDAQ: SSNT), a national provider of transformational business technology solutions and services, today announced its first quarter results for the three months ended March 31, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Financial Highlights for Three Months Ended March 31, 2018 As Compared to Three Months Ended March 31, 2017:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Revenues increased to $9,310,074, rising 16.3% from $8,002,572.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Software sales increased 80.3% to $1,635,061 from $906,905.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Services revenues totaled $7,675,013, increasing 8.2% from $7,095,667.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Gross profit increased 16.3% to $3,940,738 as compared to $3,387,049.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Gross margin was 42.3% of revenue, compared to 42.3% in 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Earnings before interest, taxes, depreciation, amortization and share-based compensation (&#8220;EBITDA&#8221;) were $284,696, decreasing 46.8%&#160;&#160; from&#160;&#160; $535,417<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#160;Net income was $58,387, or $0.01 earnings per basic and diluted share, compared to net income of $153,583, or $<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.0</font>3 earnings per basic and diluted share.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">As of March 31, 2018, the Company had $1,807,171 in cash; $3,024,865 in accounts receivable; $262,977 in long term debt; and total stockholders' equity of $4,339,247. The Company has a $1,000,000 line of credit with a commercial lender, and the outstanding balance on that line of credit is $0.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">For more details on SilverSun's first quarter results, please refer to the Company's 10-Q filed with the U.S. Securities Exchange Commission and accessible at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">www.sec.gov</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Commenting on the results, Mark Meller, Chairman and CEO of SilverSun, stated, &#8220;<a name="_Hlk498006439"><!--Anchor--></a>This was an excellent quarter for SilverSun.&#160; Our record first quarter revenue reflects the success of our various growth initiatives across all our platforms.&#160; We&#160; generated record quarterly sales of both our Sage Enterprise Management (formerly Sage X3) and Acumatica product offerings.&#160; Our inside sales team, selling product into our installed customer base,&#160; generated record quarterly revenue.&#160; Our proprietary Partner Success Program (&#8220;PSP&#8221;), which encourages smaller Sage Software channel partners to contractually align their customers with our sales organization, was successful in increasing the growth of our customer base by over 25% in the first quarter alone.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">&#8220;In addition, our award-winning managed service provider generated revenue 21% higher than the first quarter of 2017.&#160; Finally, our Mapadoc EDI solution remains the solution of choice for users of Sage 100c, Sage Enterprise Management, and Acumatica.&#160; We are very confident about the continued upward trajectory of all our business lines.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">Meller continued, &#8220;Sales, marketing and general and administrative expenses all increased in the first quarter, as we continued to invest in the resources and infrastructure necessary to support a larger organization.&#160; This has had a temporary negative impact on profitability, but we have taken steps to more closely align our cost structure with our growth targets, and we expect to deliver on our target operating margins in the second quarter and beyond.&#160; All in all, we are extremely optimistic about our prospects for the balance of 2018, and look forward to continuing to deliver positive results for the benefit of all our stakeholders in the coming months and years ahead.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">About SilverSun Technologies, Inc.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">We are a business application, technology and consulting company providing strategies and solutions to meet our clients' information, technology and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the "Cloud". As a value added reseller of business application software, we offer solutions for accounting and business management, financial reporting, Enterprise Resource Planning ("ERP"), Warehouse Management Systems, Customer Relationship Management, and Business Intelligence. Additionally, we have our own development staff building software solutions for Electronic Data Interchange, time and billing, and various ERP enhancements. Our value-added services focus on consulting and professional services, specialized programming, training, and technical support. We have a dedicated network services practice that provides managed services, hosting, business continuity, cloud, e-mail and web services. Our customers are nationwide, with concentrations in the New York/New Jersey metropolitan area, Chicago, Dallas, Arizona, Seattle, Greensboro, and Southern California.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Forward-Looking Statements</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt">This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to SilverSun Technologies, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.</div>

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