The sale of its Mapadoc EDI business ballooned the bottom line for SilverSun Technologies for the quarter ended September 30. The $10.1-million gain on disposal resulted in net income of $7.7 million for the most recently ended quarter from $170,932.

SilverSun, the parent of SWK Technologies, said it had not been seeking to sell Mapadoc. But it decided to do so and received $11.5 million in cash in August when it sold the unit to SPS Commerce in August.

Revenue was $10.1 million, up 4.1 percent from slightly more than $10 million in last year’s corresponding period. That stemmed from a 28.4-percent rise in software sales, offset by a 4.26 percent drop in services.

Sales rose to $1.9 million for the quarter, compared to $1.5 million a year earlier. SilverSun attributed the rise to sales of Acumatica and third-party products. The drop in services, which fell to $8.2 million in the most recently ended period from $8.6 million in 2018’s third quarter, which the company said stemmed from a delay in consulting projects.

With Mapadoc subtracted, SilverSun reported a loss of $950,379 from continuing operations for the recently reported quarter, compared to a loss of $152,099 a year earlier.

With the deal having closed on August 26, Mapadoc reported nine-month revenue of $3.4 million for the period ended on September 30, down from $3.7 million a year earlier. It had income from continuing operations of $988,525, down $1.2 million.

Last modified on Tuesday, 12 November 2019
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