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SWK TURNS THINGS AROUND Featured

Mark Meller, SilverSun TechnologiesSWK Technologies had a lackluster first quarter for 2016. But for the second quarter ended June 30, the Livingston, N.J.-based reseller reversed the drop in product revenue from the March quarter and significantly boosted operating and net income. The numbers were reported this week by SilverSun Technologies, the public company whose only operation is SWK.

Net income rose to $547,120 for the most recently ended period, an increase of 477 percent from $44,601 a year earlier, compared to a steep drop in earnings in the prior quarter. Revenue was $8.6 million, up 44.9 percent from $5.9 million in last year's corresponding period. The big change was that product revenue resumed growth. Income from that category had dropped by 37.8 percent in the first quarter. But in the second quarter, product revenue hit $1.9 million, a rise of 29 percent from slightly more than $918,000 a year earlier. Service revenue, which jumped 35.8 percent in the first quarter, was $7.4 million, an increase of 47.2 percent from just over $5 million in the year ago period. In a prepared statement, CEO Mark Meller termed the results "remarkable" because the company had revamped senior management. That included parting ways with long-time SWK CEO Jeff Roth, hiring Diana Kyser as COO and making Andrew Nunez chief sales officer. "We have been focusing on our internal operations, fixing what was broken, improving what worked, and implementing new controls and processes which will help ensure that we will be consistently profitable moving forward," Meller said.

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