In a prepared statement, CEO Mark Meller said, "Our operating performance continues to be fueled by the dynamic growth of our high margin Managed Services business, successful execution of our growth-through-acquisition strategy, increasing market penetration for our proprietary cloud-based business management solutions custom-created for the U.S. craft brewery and distribution industry, and our continued success at winning major new customers to the Sage ERP X3 platform." All that meant that software sales reached $1.3 million in the recent quarter, up 35 percent from over $995,145 a year earlier, while service revenue climbed 40 percent to $4.7 million from $4.4 million. The results came despite operating expenses of $2.1 million, which were 23.5 percent higher than expenses of $1.7 million in the year ago third quarter. SilverSun reported operating income of $467,506, compared to a loss of 62,084 a year ago.Last modified on Wednesday, 19 November 2014
SILVERSUN RESULTS JUMP Featured
Financial results for SilverSun Technologies, parent of Sage reseller SWK Technologies, were strong for the third quarter ended September 31. SilverSun, whose only operations are those of SWK, posted net income of $248,165, compared to a loss of $82,219 in last year's corresponding period. Revenue hit $6.1 million in the most recently ended period, up 39 percent from $4.4 million. The company said it was a record quarter.
Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.