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SERVICES SHORE UP SILVERSUN REVS Featured

An increase in service revenues countered a 12-percent drop in software revenue for SilverSun Technologies for the third quarter ended September 30. The company made its report this week in its Form 10-Q filed with the SEC.

SilverSun, parent to SWK Technologies turned a profit of $55,205 from continuing operations for the most recently ended period, compared a less from continuing operations of $949,873 a year earlier. Continuing operations reflect the prior year’s sale of SilverSun’s Mapadoc operations. The company achieved its profit by holding down expenses. Third-quarter revenue was $10.2 million, a rise of .5 percent from $10.1 million in last year’s corresponding period. However, software dropped to $1.6 million from $1.9 million. SWK carries the Acumatica and Sage ERP lines, but SilverSun did not cite the performance of any specific product or product groups.  Service revenue rose 3.4 percent to $8.5 million from $8.2 million Among the components of service revenue is maintenance income which fell to slightly less than $2 million, a decline of 16.4 percent from $2.4 million  Professional consulting revenue for the third quarter was $3.3 million, up 11.5 percent from slightly less than $3 million, Ancillary service revenue of $3.3 million was 11.2-percent higher than $2.9 million a year earlier. The relatively new Managed Cloud Services focuses was reported as having recurring revenue in excess of $500,000 per month.

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