But no one knew what was coming. SilverSun, parent of SWK Technologies, lost $292,115 for the first quarter ended March 31, compared to a loss of $232,024 a year earlier as it increased SGA&A spending by 11.4 percent Revenue for the recently ended quarter of slightly more than $10 million, up 8.3 percent from $9.3 million year earlier. Product revenue of $1.77 million represented a rise of 10.1 percent from $1.61 million. Most revenue comes from services, which totaled $8.3 million, rising 7.9 percent from $7.7 million a year earlier. Consulting service revenue of $3.5 million in the most recently ended period was 18.3-percent higher than $3 million in last year’s corresponding period. The top line was hurt by a dip in maintenance revenue, which fell 8.7 percent to $1.7 million from $1.83 million. This year’s revenue does not include results from Mapadoc, the EDI operation that was sold last year. Mapadoc. operations produced $520,820 in cash a year ago, none this quarter. Mapadoc was also highly profitable with year-ago income of $328,060 on sales of $1,185,444. Silver Sun did bring in capital with the approval of a Paycheck Protection Program loan $3.15 million. However, the Small Business Adminstration has left companies that received more than $2 million in PPP loans wondering if they are entitled to them or might have to give them back if they have not shown actual economic harm at the time of the loan process.Last modified on Thursday, 14 May 2020
SILVERSUN LOSS INCREASES Featured
If SilverSun Technologies had possessed a crystal ball last year, there are a few perfectly reasonable businesses decisions it might have done differently. Certainly, with the economy taking a beating after mid-March, the $2,250,636 in cash used by operations after paying a special dividend of $3.9 million in January would be handy to have now.