Meanwhile, the company posted $116,000 in first-quarter revenue, compared to a year-earlier loss of $708,000. Revenue rose to just over $4 million, an increase of 39 percent from $2.9 million in last year’s corresponding period. SilverSun noted that the operations of the former HighTower that it purchased last year generated $416,000 in revenue for the quarter. Without providing a breakdown, the company’s form 10-Q stated that the rise in revenue was also influenced by increases in maintenance revenue and software sales. If I had read the SEC document earlier, I could have quizzed SWK president Jeff Roth after running into him at the NetSuite conference in San Jose, Calif., and later at an Acumatica event.
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SWK PARENT REFILLS CASH ACCOUNT
SilverSun Technologies, the parent of Sage reseller SWK Technologies, had a miserable balance sheet when it ended fiscal 2012 on December 31. It had a bit more than $4,000 in cash with accounts receivable rising. With the end of the first quarter on March 31, the asset side looks far better. Cash stood at $261,000 and receivables of $1.2 million were down 21 percent from three months earlier.
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