Among our most notable achievements over the last 24 months, I would like to emphasize:
• The company reported sales of $17.4 million in 2013, an increase of 32% over our 2012 results. Net income increased to $322,548 in 2013.
• The company maintains a strong balance sheet. As of 3/31/14, the company had only $62,522 in long term debt, and a balance of zero on its $750,000 line of credit.
• The company reported sales of $4.9 million in the first quarter of 2014, an increase of $880,000, or 21.75%, over the year earlier period. In addition, we reported pre-tax income of $191,652 in Q1, an increase of $76,122, or 65.9%, over the same period in 2012.
• The company has, over the last 4 years, grown at a compound annual growth rate of 32%.
• Recurring revenue was equal to roughly 36% of revenue in 2013.
• The company has completed 6 acquisitions over the past 30 months. The most recent acquisition closed on May 1, 2014. That company, ESC Software, had sales of roughly $1.7 million in 2013. We paid for that acquisition by issuing a five year note for $350,000.
• The company's intellectual property portfolio has grown to 20 proprietary solutions, including our EDI product, MAPADOC. The number of end users of MAPADOC has roughly doubled in the past 4 years, and continues to grow. We also entered into our first international distribution agreement for MAPADOC to be sold in Australia.
• The company's proprietary SAAS solution, BeerRun, has taken the craft beer brewing industry by storm. In the two short years since its introduction, BeerRun is now among the most widely used products for the management of brewing operations within the craft beer industry.
• The company's managed services division, which provides disaster recovery, business continuity, and 24/7/365 remote network monitoring for our client's networks, continues to rapidly expand, delivering 45% growth in 2013.
• The company's professional services group has a backlog of over 6000 hours booked.
Although we have much to be thankful for and certainly to be prideful of, there remains much hard work ahead of us if we are to fully capitalize on key emerging industry trends and on the numerous growth and expansion opportunities being presented to us on a regular basis. Towards that end, we have set our goal on growing our annual revenues to more than $50 million in the next 18 months.
