It said noted sales and marketing expenses $6.8 million for the year ended December 31 were up 39.2 percent from $4.8 million for 2017 “due to additional sales personnel and related expenses in anticipation of accelerated growth in 2019." Overall, 2018 was a good year for the company. SilverSun reported net income of $252,432, compared to a loss of $486,469 for 2017. Operating income was twice as large in 2017. This year’s was $412,760, down from $939,528 operating income the prior year. However, the 2018 tax bill of $108,646 was also down sharply from last year’s $1.3 million, which related to the 2017 Jobs and TaxCut Act. The company posted slightly more than $41 million in revenue, a 16.7-percent increase over $38.5 million the prior year. Product revenue rose to $6.2 million for last year, up 17.5 percent from $5.3 million for 2017. Service revenue rose 17.8 percent to $34.8 million from slightly less than $30 million. The acquisition of Info Sys Management and Nellnube in May last year added $1.7 million to the top line, 27.6-percent of the total revenue increase. Otherwise, SilverSun said the primary source of the increase came from sales of Sage Enterprise Management and Acumatica with “implementations of larger scale accounting systems and the increase in the managed services business” contributed to a 22-percent increase in gross profit. The company reported 41.3 percent gross margins for 2018, an improvement from 39.8 percent for 2017.Last modified on Friday, 29 March 2019
SILVERSUN EXPECTS 2019 GROWTH Featured
SilverSunTechnologies, the parent of reseller SWK Technologies, expects growth to accelerate this year. The company made this statement this week with the filing of its Form 10-K.