Revenue hit $7.8 million, an increase of 20.1 percent from $6.5 million a year ago. In its 10-Q filing with the SEC, SilverSun said, "This decrease [in software sales] was primarily due to sales orders that were expected to close in the current quarter being delayed to future quarters." It would seem to me that the slippage was more likely to involve Sage X-3 than the other product lines. I have an inquiry out to SWK CEO Jeff Roth on the topic. The drop in revenue, coupled with an increase in spending, led to $74,277 in net income, down sharply from $521,167 a year ago. G&A spending rose to $1.5 million, a rise of 27.9 percent from $1.2 million in last year's first quarter. Sales and marketing expenditures of slightly more than $1 million in the most recently ended quarter were 18.8 percent above $912,130 a year earlier.
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SERVICE SUPPORTS SWK RESULTS Featured
With software sales off by 37.8 percent for the first quarter ended March 31, service income provided the kick to lift results for SilverSun Technologies, parent to Livingston, N.J.-based SWK Technologies. Software sales dropped to $860,442 in the most recently ended quarter, down from $1.38 million a year earlier. However, services revenue jumped to $6.9 million, up 35.8 percent from $5.1 million in last year's corresponding quarter.
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