AMERI Holdings, Inc. (AMRH) saw its loss widen to $1.72 million, or $0.13 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $0.16 million, or $0.02 a share.
Revenue during the quarter surged 125.37 percent to $10.06 million from $4.46 million in the previous year period. Gross margin for the quarter contracted 1540 basis points over the previous year period to 16.87 percent. Operating margin for the quarter stood at negative 12.84 percent as compared to a negative 7.07 percent for the previous year period.
Operating loss for the quarter was $1.29 million, compared with an operating loss of $0.32 million in the previous year period.
Ameri100 president and chief executive officer, Giri Devanur, said, "We are pleased with our results this quarter, and the performance of all our businesses. With the acquisition of DC&M Partners, LLC, Ameri100 Virtuoso Inc. (formerly Virtuoso Consulting Services) and BigTech Software Private Ltd., the depth of our SAP skills is greatly enhanced. DC&M and Virtuoso are leaders in high end SAP consulting with marquee customers across the United States. BigTech is an India-based offshore services delivery company which is adding significant value to our customer offerings. We are also excited that we have a healthy acquisition pipeline which will help us to add accretive acquisitions in the coming year."
For financial year 2016, AMERI Holdings, Inc. projects revenue to be in the range of $35 million to $40 million.
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