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PRODUCT SALES LIFT SWK Featured

A 35.2-percent increase in product revenue led Silver Sun Technologies, parent of reseller SWK Technologies, to good result for the second quarter ended June 30. The company rebounded to net income of $33,514 for the most recently ended period, compared to a loss of $2,890 a year ago.

Revenue reached $9.7 million, an increase of 6.1 percent from last year’s corresponding period. Product sales reached $1.9 million in the recently ended quarter, compared to $1.4 million a year ago that helped revenue crept up by .7 percent to slightly less than $7.7 million from $7.69 million. That revenue line was impacted by a drop in maintenance revenue which fell to $1.59 million, off 9 percent from  $1.61 million while ancillary service revenue fell to slightly less than $2.8 million. in the most recently ended period, down 9 percent from $3.1 million a year ago. However, within the services category,  consulting revenue rose 11.3 percent to $3.4 million from slightly more than three million. SilverSun noted that for the six months ended June 30, 2020 and 209, its top ten customers accounted for 12 percent of total revenue. It said for the first half of this year, compared to the first half of 2019, “one supplier” accounted for 14 percent and 20 percent of cost of revenue respective while “one supplier” represented 21 percent and 15 percent of accounts payable for the compared periods. I would guess that the supplier whose contribution to cost of revenue declined was Sage. Comparison of the two periods is complicated by the fact the year ago figures include the Mapadocs business, which SilverSun sold. Overall, this year had operating income of $47,442 compared to an operating loss of $356,631 from continuing operations in the second quarter of 2019. But last year’s operating loss was countered by income of $378,648 from the discontinued Mapadcos business. Contributing to the year-ago loss was a provision for income taxes of $80,736 on the Mapadocs income.

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